Wednesday, October 30, 2019

2 Questions Assignment Example | Topics and Well Written Essays - 1000 words

2 Questions - Assignment Example Liking - so now that the consumer is fully aware and knowledgeable about the product, he begins to relate the product with itself and establishes a connection. At this stage, the marketer should already know which level consumers feel the product and should draft their ad campaigns accordingly. It is best for the marketer to now evaluate his consumer base as to whether they think the company offers a better product than its competitors. Conviction - the second to the last stage. Now the consumer is hit with strong advertising and reasons to want to purchase the product over the competitors. A conviction must be created within the mind of the client to support the product. So the marketer must push the advertisement in such a way that the consumer will feel that the competitors cannot compete with this particular brand. Purchase - the final step in the buyer readiness - stage. The effective product information dissemination and strong advertising push creates a conviction within the clients mind that gives him the confidence to push through with the purchase of the product. Once the sale occurs within the consumer base of the product, then the marketer can effectively say that he has done his job properly. 2. An appeal is what an advertiser doe sin order to get a consumer to purchase a product or service. There are three types of appeals that are commonly used in advertising by marketers. These appeal types are known as: Ethical Appeal - this is an appeal targeted at at someones or somethings image. The public does not normally come across this type of advertising unless it is election season. This is because politicians use this advertising platform to present themselves in a better light than the other candidates, oftentimes using criticisms to make them more appealing to the voter. Consumers though, normally do not use this kind of dialog unless they are writing to a company to complain

Monday, October 28, 2019

Orsanmichele as Puzzling Reality Essay Example for Free

Orsanmichele as Puzzling Reality Essay Orsanmichele is a place where religion and great art come together. The church was initially build as the grain market and in the long road of its historical development it has became a Florentine church. Orsanmichele belongs to one of the most famous buildings in Florence. Florence is one of the most beautiful places in the world, where religion, mystery, art and history came together. Orsanmichele is known to be a gain market that shared a space with the image of the Virgin. Orsanmichele served both religious and civic functions and, therefore, the idea that Orsanmichele is place, where religion and art came together, is valuable. A small oratory dedicated to Saint Michael is seen in Orsanmichele. In the middle of the 13th century the Florentine government decided to make way for grained market and, in such a way, Orsanmichele emerged in historical context. Protecting the grain vendors from elements, Orsanmichele appeared to belong to great art due to its original brick structure and a number of arcades. In the end of the 13th century the Compagnia Della Madonna di Orsanmichele was formed to sign hymns to the Virgin and, in such a way, Orsanmichele obtained its religious meaning. Orsanmichele is known to depict vividly the market’s chaotic conditions during the famine in the 14th century. In the early 14th century a great fire damaged Orsanmichele and the image of Virgin was damaged as well. Then a new imaged was installed, but, it goes without saying that initial attitude towards it was distorted as the imaged proved to be inadequate as people believed the image of the Virgin was miraculous. The statuary of Orsanmichele is a relic of pride of Flroentine population and they constantly remind that a great art is a result of competitive climate. Summing up, Orsanmichele is entailed with religious meaning as the image of the Virgin was miraculous; and it was the place of great art as a number of great arcades, statues and sculptures are built there.

Saturday, October 26, 2019

Birth Control Through the Times Essay -- Contraceptives, Birth Control

The idea of men and women having control of their familial future is nothing new. In fact, the use of contraception dates back to ancient Egyptian times. Despite the controversy that often surrounds the use of birth control, history shows that the need for pregnancy prevention existed even before most modern religions were established. This paper will cover the colorful history of what we now know as birth control, through the centuries and up to modern times. Hopefully, this can give the audience a good idea about how necessary this concept is, and to look at the idea of controlling your destiny with objectivity. Beginning in ancient times, people saw a need to control the amount of children that they may have. One civilization in particular, the ancient Egyptians, had novel approaches to birth control. Drawings found from the time, around 3000 B.C., depicted men wearing condom like devices. This civilization also had what is called a pessary, which is an object or mixture that is inserted into the vagina to block or kill sperm. Some of their mixtures may have included pebbles, crocodile dung, or even rock salt. The Egyptians also used sea sponges drenched in lemon juice; much like a woman today might use a sponge with a spermicidal. The Egyptians weren’t the only ancient civilization to utilize birth control methods; the ancient Greeks used a method of post coital birth control. This method was employed when the couple was done with sexual intercourse, and the woman was to squat and apply pressure to the abdomen to rid the vagina of semen. Yet another approach from within the same ti me period was that of Aristotle, who recommended that women â€Å"anoint that part of the womb in which the seed falls† with olive oil, cedar oil, or f... ...e or not to have children. This is a pattern that will no doubt persist in the future as long as laws allow it. With that said, hopefully some insight can be gained by learning about the history of birth control, and perhaps it can demystify this taboo that no one wants to talk about. Works Cited Clemmitt, Maricia. "Controversies of Women's Access to Birth Control." Women's Health 2006. Gale Opposing Viewpoints in Context. Web. 18 Feb. 2012 Cornblatt, Johanna. "The History of Birth Control." Newsweek - National News, World News, Business, Health, Technology, Entertainment, and More - Newsweek. Newsweek, 2009. Web. 18 Feb. 2012. "Religious Views on Birth Control." Wikipedia. Web. 18 Apr. 2011. http://www.wikipedia.org. Stacey, Dawn. â€Å"What Do Religions Say About Birth Control and Family Planning?† About.Com 2011. www.about.com. Web. 5 March. 2012.

Thursday, October 24, 2019

PFC Robert C. Burke-USMC :: essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  PFC Robert Charles Burke on 7 November 1949 in Monticello, Illinois and enlisted in the Marine Corps from Chicago, Illinois. The Marine died on 17 May 1968 in the Southern Quang Nam Province, Republic of Vietnam (South). He received the Congressional Medal of Honor posthumously for conspicuous gallantry and intrepidity at the risk of his life above and beyond the call of duty. PFC Burke was serving as a machine gunner with Company I, 3d Battalion, 27th Marines (3/27), 1st Marine Division (REIN), FMF.   Ã‚  Ã‚  Ã‚  Ã‚  The citation, which was signed by then President Richard M. Nixon, reads as follows:   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"For conspicuous gallantry and intrepidity at the risk of his life above and beyond the call of duty for service as a machine gunner with Company I on Operation ALLEN BROOK. Company I was approaching a dry river bed with a heavily wooded tree line that borders the hamlet of Lee Nam, when they suddenly came under intense mortar, rocket propelled grenades, automatic weapon and small arms fire from a large, well concealed enemy force which halted the company’s advance and wounded several marines. Realizing that key points of resistance had to be eliminated to allow the units to advance and casualties to be evacuated. Pfc. Burke, without hesitation, seized his machine gun and launched a series of 1-man assaults against the fortified emplacements. As he aggressively maneuvered to the edge of the steep river bank, he delivered accurate suppressive fire upon several enemy bunkers, which enabled his comrades to advance and move the wounded marines to position s of relative safety. As he continued his combative actions, he located an opposing automatic weapons emplacement and poured intense fire into the position, killing 3 North Vietnamese soldiers as they attempted to flee. Pfc. Burke then fearlessly moved from one position to another, quelling the hostile fire until his weapon malfunctioned. Obtaining a casualty’s rifle and hand grenades, he advanced further into the midst of the enemy fire in an assault against another pocket of resistance killing 2 more of the enemy. Observing that a fellow marine had cleared his malfunctioning machine gun he grasped his weapon and moved into a dangerously exposed area and saturated the hostile tree line until he fell mortally wounded.

Wednesday, October 23, 2019

Evolution of Financial Management Essay

The Traditional Phase:This phase has lasted for about four decades. Its finest expression was shown in the scholarly work of Arthur S. Dewing, in his book tilted the Financial Policy of Corporation in 1920s. In this phase the focus of financial management was on four selected aspects. It treats the entire subject of finance from the outsider’s point of view (investment banks, lenders, other) rather than the financial decision maker in the firm. It places much importance of corporation finance and too little on the financing problems of non-corporate enterprises. The sequence of treatment was on certain episodic events like formation, issuance of capital, major expansion, merger, reorganization and liquidation during the life cycle of an enterprise. It laid heavy emphasis on long-term financing, institutions, instruments, procedures used in capital markets and legal aspects of financial events. That is, it lacks emphasis on the problems of working capital management. It was criticized throughout the period of its dominance, but the criticism is based on matters of treatment and emphasis. Traditional phase was only outsiders looking approach, over emphasis on episodic events and lack of importance to day-to-day problems. The Transition Phase: It began in the early 1940’s and continued through the early 1950’s. The nature of financial management in this phase is almost similar to that of the earlier phase, but more emphasis is given to the day-to-day (working capital) problems faced by the finance managers. Capital budgeting techniques were developed in this phase. Much more details of this phase is given in the book titled Essays on Business Finance. The Modem Phase: It began in the mid 1950’s and has shown commendable development with combination of ideas from economic and statistics has led the financial management to be more analytical and quantitative. The main issue of this phase is rational matching of funds to their uses, which leads to the maximization of shareholders’ wealth. This phase witnessed significant developments. The area of advancement was – capital structure. The study says the cost of capital and capital structure is independent in nature. Dividend policy, suggests that there is the effect of dividend policy on the value of the firm. This phase has also seen one of the first applications of linear programming. For estimation of opportunity cost of funds, multiple rates of return-gives way to calculate multiple rates of a project. Investment decision under conditions of uncertainty gives the formula for determination of expected cash inflows and variance of net present value of project and also defined how probabilistic information helps the firm to optimize investment decisions involving risk. Portfolio analysis gives the idea for the allocation of a fixed sum of money among the available investment securities. Capital Asset Pricing Model (CAPM), suggests that some of the risks in investments can be neutralized by holding a diversified portfolio of securities. Arbitrage Pricing Model (APM), argued that the expected return must be related to risk in such a way, that no single investor could create unlimited wealth through arbitrage. CAPM is still widely used in the real world, but APM is slowly gaining momentum. The Agency theory emphasizes the role of financial contracts in creating and controlling agency problems. Option Pricing Theory (OPT), applied Martingale pricing principle to the pricing of real estates. The cash management of models (working capital management) by Baumol Model, Miller and Orglers, Baumol models helps to determine optimum cash conversion size; Miller model reorder points and upper control points and Orglers model helps to determine optimal cash management strategy by adoption of linear programming application. Further new means of raising finance with the introduction of new capital market instruments, such as Pads, Fads, PSBs and Caps, etc. Financial engineering that involves the design, development and the implementation of innovative financial instruments, and formulation of creative optional solutions to problems in finance. Even though, the above mentioned developed areas of finance is remarkable, but understanding the international dimension of corporate finance formed a very small part of it, which is not sufficient in this era of globalization.

Tuesday, October 22, 2019

Definition and Examples of the Historical Present Tense

Definition and Examples of the Historical Present Tense In English grammar, the historical present is the use of a verb phrase in the present tense to refer to an event that took place in the past. In narratives, the historical present may be used to create an effect of immediacy. Also called the  historic present, dramatic present, and narrative present. In rhetoric, the use of the present tense to report on events from the past is called translatio temporum (transfer of times). The term translation is particularly interesting, notes German English literature educator Heinrich Plett, because it is also the Latin word for metaphor. It clearly shows that the historical present only exists as an intended tropical deviation of the past tense. (Plett, Henrich. Rhetoric and Renaissance Culture, Walter de Gruyter GmbH Co., 2004.) Examples and Observations It is a bright summer day in 1947. My father, a fat, funny man with beautiful eyes and a subversive wit, is trying to decide which of his eight children he will take with him to the county fair. My mother, of course, will not go. She is knocked out from getting most of us ready: I hold my neck stiff against the pressure of her knuckles as she hastily completes the braiding and the beribboning of my hair. ... (Walker,  Alice. Beauty: When the Other Dancer Is the Self. In Search of Our Mothers Gardens: Womanist Prose, Harcourt Brace, 1983.) There is a famous story of President Abraham Lincoln, taking a vote at a cabinet meeting on whether to sign the Emancipation Proclamation. All his cabinet secretaries vote nay, whereupon Lincoln raises his right hand and declares: The ayes have it. (Rodman, Peter W.  Presidential Command, Vintage, 2010.) Verbs in the historic present describe something that happened in the past. The present tense is used because the facts are listed as a summary, and the present tense provides a sense of urgency. This historic present tense is also found in news bulletins. The announcer may say at the start, Fire hits a city center building, the government defends the new minister, and in football City, United lose. (Language Notes, BBC World Service.) If you introduce things which are past as present and now taking place, you will make your story no longer a narration but an actuality. (Longinus,  On the Sublime, quoted by Chris Anderson in  Style as Argument: Contemporary American Nonfiction, Southern Illinois University Press, 1987.) An Example of the Historical Present in an EssayI’m nine years old, in bed, in the dark. The detail in the room is perfectly clear. I am lying on my back. I have a greeny-gold quilted eiderdown covering me. I have just calculated that I will be 50 years old in 1997. ‘Fifty’ and ‘1997’ don’t mean a thing to me, aside from being an answer to an arithmetic question I set myself. I try it differently. ‘I will be 50 in 1997.’ 1997 doesn’t matter. ‘I will be 50.’ The statement is absurd. I am nine. ‘I will be ten’ makes sense. ‘I will be 13’ has a dreamlike maturity about it. ‘I will be 50’ is simply a paraphrase of another senseless statement I make to myself at night: ‘I will be dead one day.’ ‘One day I won’t be.’ I have a great determination to feel the sentence as a reality. But it always escapes me. ‘I will be dead’ comes with a picture of a dead body on a bed. But it’s mine, a nine-year-old body. When I make it old, it becomes someone else. I can’t imagine myself dead. I can’t imagine myself dying. Either the effort or the failure to do so makes me feel panicky. ... (Diski, Jenny. Diary,  London Review of Books, October 15, 1998. Report title At Fifty in  The Art of the Essay: The Best of 1999, edited by Phillip Lopate, Anchor Books, 1999.) An Example of the Historical Present in a Memoir  My first conscious direct memory of anything outside myself is not of Duckmore and its estates but of the street. I am adventuring out of our front gate and into the great world beyond. Its a summers day - perhaps this is the very first summer after we moved in when Im not yet three. I walk along the pavement, and on into the endless distances of the street - past the gate of No. 4 - on and bravely on until I find myself in a strange new landscape with its own exotic flora, a mass of sunlit pink blossom on a tangled rambler rose hanging over a garden fence. I have got almost as far as the garden gate of No. 5. At this point, I somehow become aware of how far I am from home and abruptly lose all my taste for exploration. I turn and run back to No. 3. (Frayn, Michael. My Fathers Fortune: A Life, Metropolitan Books, 2010.) The You-Are-There IllusionWhen the reference point of the narration is not the present moment but some point in the past, we have the historical present, in which a writer tries to parachute the reader into the midst of an unfolding story (Genevieve lies awake in bed. A floorboard creaks ... ). The historical present is also often used in the setup of a joke, as in A guy walks into a bar with a duck on his head. ... Though the you-are-there illusion forced by the historical present can be an effective narrative device, it can also feel manipulative. Recently a Canadian columnist complained about a CBC Radio news program that seemed to him to overuse the present tense, as in UN forces open fire on protesters. The director explained to him that the show is supposed to sound less analytic, less reflective and more dynamic, more hot than the flagship nightly news show. (Pinker, Steven.  The Stuff of Thought, Viking, 2007.) A Warning From the PastAvoid the use of the historical present unless the narrative is sufficiently vivid to make the use spontaneous. The historical present is one of the boldest of figures and, as is the case with all figures, its overuse makes a style cheap and ridiculous. (Royster, James Finch and Stith Thompson,  Guide to Composition, Scott Foresman and Company, 1919.)

Monday, October 21, 2019

Frances Charming Easter Expressions and Traditions

Frances Charming Easter Expressions and Traditions Pà ¢ques, the French term for Easter, is commonly feminine plural*. It is a holiday celebrated even by many nonpracticing Christians in France, and the Monday following Easter, le Lundi de  Pà ¢ques,  is a public holiday in many regions of the country, when the French stretch the celebration into a four-day holiday with Thursday, Friday, Monday and Tuesday off in addition to the weekend. Pre-Easter Holidays, En Francais One week before Easter, on Palm Sunday, called le Dimanche des Rameaux (Sunday of the branches) or  Pà ¢ques fleuries  (Easter of the flowers), Christians take various rameaux to church, where the priest blesses them. The branches may be boxwood, bay laurel, olive, or whatever is readily available. Around the southern city of  Nice, you can purchase des palmes tressà ©es (woven palm fronds) in front of churches.** Palm Sunday is the start of la Semaine Sainte (Holy Week), during which some towns put on un dà ©filà © pascal (Easter procession). On le Jeudi Saint (Maundy Thursday), French Easter lore has it that church bells sprout wings and fly to Rome to visit the Pope. Theyre gone all weekend, so no church bells are heard during these days. For children, this means that flying bells from Rome will be bringing chocolate and other delicacies to them. Vendredi Saint (Good Friday) is a fast day, meaning Christians eat un repas maigre (meatless vegetarian meal). However, in most of France, its not a public holiday. On Saturday, children prepare nids (nests) for le lapin de Pà ¢ques or le lià ¨vre de Pà ¢ques (Easter Bunny), who arrives that night and fills them with chocolate eggs. Celebrating French Easter Early the next morning, on le Dimanche de Pà ¢ques (Easter Sunday), also called le jour de Pà ¢ques (Easter Day), les cloches volantes (flying bells) return and drop chocolate eggs, bells, bunnies, and fish into gardens, so that kids can go on la chasse aux Å“ufs (Easter egg hunt). Its also the end  of le Carà ªme (Lent). Besides excellent chocolate and eggs, traditional French Easter foods include lagneau (lamb), le porc (pork), and la gà ¢che de Pà ¢ques (Easter brioche). Lundi de Pà ¢ques (Easter Monday) is un jour fà ©rià © (public holiday) in many parts of France. Its customary to eat omelettes en famille (with the family), a tradition called pà ¢quette.​ Since 1973, the town of Bessià ¨res in southwestern France has held an annual Easter festival, the main event of which is the preparation and consumption of lomelette pascale et gà ©ante (giant Easter omelet), which measures 4 meters (13 feet) in diameter and contains 15,000 eggs. (This is not to be confused with la Fà ªte de lomelette gà ©ante that takes place every September in Frà ©jus and features a somewhat smaller, three-meter omelet.) Pascal is the adjective for Easter, from Pà ¢ques. Children born around Easter are often named Pascal (boy) or Pascale (girl). French Easter Expressions Joyeuses Pà ¢ques ! Bonnes Pà ¢ques ! - Happy Easter! Pà ¢ques ou la Trinità © - very late, neverNoà «l au balcon, Pà ¢ques au tison - A warm Christmas means a cold Easter *The singular feminine Pà ¢que refers to  Passover.**Youre supposed to burn last years rameaux tressà ©es sà ©chà ©es, but theyre so lovely that many people keep them. Thats why theyre white rather than green.

Sunday, October 20, 2019

Aristotle Essays (859 words) - Natural Philosophers, Free Essays

Aristotle Essays (859 words) - Natural Philosophers, Free Essays Aristotle Aristotle, Galileo, and Pasteur can be said to have contributed significantly, each in his own way, to the development of The Scientific Method. Discuss. What is the scientific method? In general, this method has three parts, which we might call (1) gathering evidence, (2) making a hypothesis, and (3) testing the hypothesis. As scientific methodology is practiced, all three parts are used together at all stages, and therefore no theory, however rigorously tested, is ever final, but remains at all times tentative, subject to new observation and continued testing by such observation. Hellenic science was built upon the foundations laid by Thales and Pythagoras. It reached its zenith in the works of Aristotle and Archimedes. Aristotle (384-322 B.C.) represents the first tradition, that of qualitative forms and teleology. He was, himself, a biologist whose observations of marine organisms were unsurpassed until the 19th century. Biology is essentially teleologicalthe parts of a living organism are understood in terms of what they do in and for the organismand Aristotle's biological works provided the framework for the science until the time of Charles Darwin. Aristotle was able to make a great deal of sense of observed nature by asking of any object or process: what is the material involved, what is its form and how did it get that form, and, most important of all, what is its purpose? What should be noted is that, for Aristotle, all activity that occurred spontaneously was natural. Hence, the proper means of investigation was observation. Experiment, that is, alte ring natural conditions in order to throw light on the hidden properties and activities of objects, was unnatural and could not, therefore, be expected to reveal the essence of things. However, the establishment of the importance of classifying knowledge and of observation as well as the introduction of the deductive method of reasoning can be taken as Aristotles most significant contributions to the scientific method. Even after the intellectual revolutions of centuries to follow, Aristotelian concepts and ideas remained embedded in Western thinking. The critical tradition of science began with Copernicus in the sixteenth century. It eventually led to the work of Galileo (1564-1642), which criticised the very roots of the Aristotelian world system. With the invention of the telescope Galileo, in quick succession, announced that there were mountains on the Moon, satellites circling Jupiter, and spots upon the Sun. Moreover, the Milky Way was composed of countless stars whose existence no one had suspected until Galileo saw them. Galileo attacked the problems of the Earth's rotation and its revolution by logical analysis. Bodies do not fly off the Earth because they are not really revolving rapidly, even though their speed is high. In revolutions per minute, any body on the Earth is going very slowly and, therefore, has little tendency to fly off. Bodies fall to the base of towers from which they are dropped because they share with the tower the rotation of the Earth. Hence, bodies already in motion preserve that motion when another motion is added. So, Galileo deduced, a ball dropped from the top of a mast of a moving ship would fall at the base of the mast. If the ball were allowed to move on a frictionless horizontal plane, it would continue to move forever. Hence, Galileo concluded, the planets, once set in circular motion, continue to move in circles forever. Therefore, Copernican orbits exist. Galileo never acknowledged Kepler's ellipses; to do so would have meant abandoning his solution to the Copernic an problem. Galileo's originality as a scientist lay in his method of inquiry. First he reduced problems to a simple set of terms on the basis of everyday experience and common-sense logic. Then he analyzed and resolved them according to simple mathematical descriptions. The success with which he applied this technique to the analysis of motion opened the way for modern mathematical and experimental physics. Louis Pasteur (1822-1895) was a French chemist and microbiologist. His discovery that most infectious diseases are caused by germs, known as the germ theory of disease, is one of the most important in medical history. Pasteur's phenomenal contributions to microbiology and medicine can be summarized as follows. First, he championed changes in hospital practices to minimize the spread of disease

Saturday, October 19, 2019

Materials Engineering Assignment Example | Topics and Well Written Essays - 1500 words

Materials Engineering - Assignment Example The bondage between the molecules is broken. In this region, the material can regain its original shape after the removal of the loading or rather the stress. At this juncture, the material obeys Hooke’s law and the stress and strain relate proportionally, and the constant of proportionality is the modulus of elasticity. The structure of the particles is not altered which explains the reason the material regains it original shape after the removal of the stress. It is the region just after the elastic limit. It is characterized by the graph flattening indicating destroyed proportionality between the stress and strain. Plastic deformations creep in, and the material loses the ability to regain fully its shape and size after the stress has been released. It takes place due to rearrangement of the molecular or atomic structure that allows for the new shape and size. Found just after the yielding region. It is characterized by a slight rise of the curve to the ultimate stress point. The behavior is due to the strength of the deformed atoms or molecules having a slight ability to withstand more stress up to the point beyond which complete deformation takes place. The rise of the curve in this region is what is termed as strain hardening. It is the region beyond the ultimate stress point. In this region, a further increase of the stress leads to a reduction of the cross section of the material only in some parts and not the entire material. The constrictions formed are what is referred to as necking. It is the continuous reduction of the cross section area that leads to the breakage and thus separation of the material. Metallic materials are ductile thus has the ability to deform plastically up to some extent. On the graph, it is represented by the region beyond the proportional limit where the elastic limit has been exceeded. Force

Friday, October 18, 2019

Fully paraphrasing of case study Essay Example | Topics and Well Written Essays - 1500 words

Fully paraphrasing of case study - Essay Example disabled victims with an aim of improving the quality of their life through providing them an environment that would allow for their efficient functioning. In a major Psychiatric hospital, Patients suffering from Alzheimer’s Dementia were selected. These patients were from two wards that had been closely matched. Using a rating scale, these patients were tested and the data collected. This involved randomly selecting and placing the patients into two different wards. These wards were the experimental ward and the control ward. Measurements on their daily functioning, noise level as well as physiology were made. Of the Alzheimer’s patients with the most difficulty, forty were selected after which they were placed into either the experimental or control wards. The London Psycho-Geriatric Rating Scale (LPRS) was applied by the researchers in testing the different measure. The researchers tested the heart rates of twenty of the patients in the experimental ward with and without the presence of a pet. Twenty patients were also chosen from both the experimental and control wards and their noise level tested according to a scale, before and after the presence of a pet. From the results of the research it can be deduced that, people recovering from disability or other illnesses can obtain many therapeutic benefits from pets. This was evidenced by the fact that the presence of a pet would result to a reduced heart rate in a patient suffering from Alzheimer’s disease. This implies that the presence of a pet has a relaxation effect on the patient. Exercising the pet also adds more benefit to the patient. From the study it was also evident that the presence of the pet led to a reduction of the general noise level in the ward implying enjoyment of the pet’s company by the patients. As such, some of the benefits enjoyed by the patients included the presence of something to talk to and someone welcoming them thus reducing their loneliness and making them more

Alternative Fuels for the Automobiles of Tomorrow Essay

Alternative Fuels for the Automobiles of Tomorrow - Essay Example Infact this sight serves as a resource sight for many private websites pertaining to the topic under consideration. This is a US government Department of Energy website that contains a plethora of information related to energy efficiency, alternative fuels and futuristic and hybrid vehicles. Being a US government managed website, it is high in credibility and veracity. This site is rich in informative articles, news reports and advanced search options. All the information furnished on this website is unbiased and professionally scientific in its approach. This website is updated on a regular basis and conforms to the currency of the issue being considered. The information provided by this website agrees with the data provided by other such scientific and policy related sites. This is a technical report published by Air & Waste Management Association of Canada. The experts associated with compilation of this report hail from prestigious academic and government institutions like the Department of Civil Engineering, University of Toronto and US Environmental Protection Agency. This report compares the life cycles of the latest alternative fuels and their environmental impact. Going by the esteem and reputation of the experts and institutions involved in the compilation of this report, it is highly credible and authentic in its credentials. This a government website designed specifically from the students' perspective and contains informa

Thursday, October 17, 2019

Current Issues in International Business and Management, Q) Does Essay

Current Issues in International Business and Management, Q) Does wealth inequality matter Critically discuss with reference to current research - Essay Example The rapid growth and development that has been witnessed in several parts of the world over the last years has led to a significant decrease in the levels of poverty. Moreover, in general, led to a higher increase in the levels of per capita income and this translates to increase in the income of the poor in a proportionate amount. The global crisis witnessed recently together with the impact it has had on the economic activities, number of jobs and the poor, has just spurred a renewed focus on the factors driving growth. These factors include the possible link between income inequality, sustainability of growth and crises (Castaeda et al. 2003). With GDP, the countries that have high per capita income do not occasionally have good quality of life. There are several countries in the developing world whose gross domestic product is high such as Sudan and Eritrea but the quality of life in the countries is still below the level of a â€Å"good† life. Therefore, GDP cannot be used as a measure of how prosperous people are. Nonetheless, rapid increase in the gross domestic product has been associated with decreasing poverty index. Within several countries, indicators of wealth inequalities such as Gini coefficient reveal less about people who have benefited and lost from the trends. Household situations provide a clear and complete view and show that in several countries, gains in disposable incomes have fallen short of GDP increase. These cases have been particularly for the households, which are poor. The middle-income households have fared better but though they are also lagging behind the growth of gross domestic product. It is observed that globalisation is creating pressures that ultimately increase inequality levels in the contemporary society. The proponents of globalisation have hailed the rapid growth of the economy. In addition, indeed, after several decades of dramatic improvement and rapid economic growth, some of the countries that

Database Management System Essay Example | Topics and Well Written Essays - 1500 words

Database Management System - Essay Example It is essential or the organization to develop an effective database system. Database is defines as a system, used to record and maintains data. The most important point to understand database is that database contains data and not necessarily information. The database is a collection of interrelated data, which can be used by one or more applications that it can be integrated and is stored in a shared and organized way so that it has a controlled redundancy, consistency and integrity with a provision of data independence. The database is used to store and process data for providing useful organization. The database must have the following basic objectives i.e., centrally controlled which facilitates data can be stored, processed, modified or accessed in a organized way. Database must be organized in such a way that the redundancy and inconsistency can be avoided as much as possible. Database must be centrally controlled so that its integrity, security and privacy can be maintained d atabase must be logically organized, integrated, designed to multi used application and provision for data independence whether physical or logical. So a database system is a system, which defines, interprets, manipulates and maintains a collection of database, which is entirely separate in structure. Database management system (DBMS) is the major component of the database system. The DBMS is the foundation of almost every modern business information system. Database management system is defined as a system so software that organizes and maintains the data in a database for providing the information. A DBMS is a very complex piece of system software. A single DBMS can manage multiple databases each one usually consisting of many different tables full of data. The DBMS includes mechanism for application programs to store, retrieve and modify this data and also allows people to query it interactivity to answer specific questions. DBMS can be divided into four major components i.e. Database, Database administrator (DBA), Database users and database programs specialists known as DBA's control the operation of the DBMS and are respon sible for the creation of new data bases and the definition of the table structures used to store data. One of the most important features of the DBMS is its ability to shield the people and programs using the data from the details of its physical storage. Because all access to stored data is mediated through the DBMS, a database can be restructured or moved to a different computer without disrupting the programs written to use it. The DBMS polices access to the stored data, giving access only to tables and records for which a given user has been authorized. The DBMS evolved from a more humble class of programs known as file management systems, created within the unglamorous world of corporate data processing to simplify the creation of programs for routine administration. The database management system conflated the managerial concept of the database with the specific technology of the file management system. In practice, the DBMS worked well as technical system to aid application programmers but disappointed as a managerial panacea (Haigh, 2006). The corporate database has originally been conceived as a repository of all-important managerial information; actual DBMS technology supported only the kind of highly structured regular records with which earlier file management s

Wednesday, October 16, 2019

Current Issues in International Business and Management, Q) Does Essay

Current Issues in International Business and Management, Q) Does wealth inequality matter Critically discuss with reference to current research - Essay Example The rapid growth and development that has been witnessed in several parts of the world over the last years has led to a significant decrease in the levels of poverty. Moreover, in general, led to a higher increase in the levels of per capita income and this translates to increase in the income of the poor in a proportionate amount. The global crisis witnessed recently together with the impact it has had on the economic activities, number of jobs and the poor, has just spurred a renewed focus on the factors driving growth. These factors include the possible link between income inequality, sustainability of growth and crises (Castaeda et al. 2003). With GDP, the countries that have high per capita income do not occasionally have good quality of life. There are several countries in the developing world whose gross domestic product is high such as Sudan and Eritrea but the quality of life in the countries is still below the level of a â€Å"good† life. Therefore, GDP cannot be used as a measure of how prosperous people are. Nonetheless, rapid increase in the gross domestic product has been associated with decreasing poverty index. Within several countries, indicators of wealth inequalities such as Gini coefficient reveal less about people who have benefited and lost from the trends. Household situations provide a clear and complete view and show that in several countries, gains in disposable incomes have fallen short of GDP increase. These cases have been particularly for the households, which are poor. The middle-income households have fared better but though they are also lagging behind the growth of gross domestic product. It is observed that globalisation is creating pressures that ultimately increase inequality levels in the contemporary society. The proponents of globalisation have hailed the rapid growth of the economy. In addition, indeed, after several decades of dramatic improvement and rapid economic growth, some of the countries that

Tuesday, October 15, 2019

Citizenship Article Example | Topics and Well Written Essays - 4750 words

Citizenship - Article Example Philosophers and political theorists including Kant, Hobbes, Marx, Machiavelli and Locke etc have presented different views and articulated various theories to define the manners, rights and obligations of citizenship. Their works indicate directly and indirectly the factors supportive in maintaining peaceful atmosphere within a social set up. They have also indicated the basic causes and circumstances leading the nations towards the path of conflict and destruction. The term citizenship simply refers to the membership of a country, a state, a tribe, a community or an authority, which creates rights and duties between citizens and the state. The individuals are bound to abide by the norms, values, mores, taboos and laws determined by the authorities to keep peace and solidarity in its fold. Citizenship not only implements wide range of obligations on citizens, but also offers them many opportunities to grow, make progress, involve into social, political, cultural, religious, economic and other peaceful activities on the one hand, and assures the individuals peaceful environment, security of life, honour and belongings, legal remedies, justice and equality within its platform on the other. Looking into the history of the world from the most primitive societies of Palaeolithic and Neolithic eras to the most modern ones of contemporary technological age, it becomes evident that social inequality and injustices always existed in all human societies give birth to stratification and conflict. Philosophers and thinkers have defined the causes and consequences of conflict between different groups and remedies for it in order to escape anarchical situation in the society. Sociological researches too reveal the very fact that even during the ancient times different classes existed in every culture and civilization.Kant emphatically submits that the state of peace among the people living side by side and remaining in constant interaction with one another cannot be remained peaceful, as it is in the nature of man to contain differences with other fellow-beings. It is therefore it is war rather than peace which could be stated as the natural one. The same is the case with nations and states which are at warring positions in the one way or the other. Many wars took place between the Greeks and the Persians time and again sabotaging the peace and harmony of the countries. Absence of any regularity authority to check the advances of the c onflicting states kept them in constant war position. The Athenians declared these wars as the golden chapter of their history, though it cost hundreds of lives as well as pushed the economy to a sorry state. "In Ionia (the modern Aegean coast of Turkey) the Greek cities, which included great centres such as Miletus and Halicarnassus, were unable to maintain their independence and came under the rule of the Persian Empire in the mid 6th century B.C. In 499 BC the Greeks rose in the Ionian Revolt, and Athens and some other Greek cities went to their aid." (Quoted in http://www.crystalinks.com/greeksocial.html) The Persians invaded

Types of Risk Essay Example for Free

Types of Risk Essay Additional useful information on types of risk Market or price risk relates to the uncertainty in markets and prices for both inputs (purchased for the production process), and outputs (products and services for sale by the firm). Market/price risk has always been a major problem in most businesses and results from the economic forces of supply and demand. Outcome of these forces are fluctuations in the price for a commodity and/or inputs in the production of that commodity. These fluctuations may be short-term and long-term. The degree of fluctuation and the length of time are critical to their effects on the business. Managers generally anticipate some degree of fluctuation in prices and plan accordingly. These plans may include spreading production and sales over time to average the effect of peaks and troughs in the market, establishing contracts to obtain a fixed price, and pooling sales with other producers to obtain a better market or an averaging of returns from the larger organisation. Low prices in the short term may be tolerated by a business if it has sufficient cash reserves to meet negative financial returns from lower prices. Low commodity prices in the longer term pose serious threats to the viability of the enterprise, and the business, should that enterprise form a major source of income. The growing impact of globalisation and opening of most world economics is also increasing the variability of market and price risk. Remember that this includes both opportunity and potential loss. Production risk is the variability inherent in the firms production processes. This is predominantly the variability of product yield, both in yield quantity and quality. Often quantity is considered but quality is also an important consideration – particularly for products where warranty and service support are provided. Variances in labour, weather, transport and inventory can all reduce (or increase) expected output, or cause delay in the production cycle of any business. Quality reduction, or delay in the production cycle, can further reduce the expected market or price returns for the unit of production. A delay in the production cycle can result in an inferior product or additional time and costs to finish the product, thus reducing the margin of returns from the enterprise. Technological risks: these relate to the uncertainty caused by rapid technological change. A production or investment decision made today may be affected by technical improvements in the future. This is particularly important for structures and high cost, long-life plant. A change in technology may place the business in a less efficient and less competitive situation against its competitors and the marketplace. Similarly not keeping up with technology can also make the business less efficient and less competitive. A business not utilising EFTPOS would find business quite difficult. Some investments can take upward of ten years for the planned commodity to settle into full production (e. g. horticultural products such as fruit or nuts. Agro forestry is a particularly long-term investment, as is mining). Human risks: humans are a key source of risk. Humans are prone to mistakes, misinterpretation, and health problems. The goals and objectives of management form the long- and short-term business plans for the firm. The fact that humans tend to change their goals and objectives often adds to the uncertainties facing the firm. Humans have skills limitations. The introduction of a new process or new technology may require new and sophisticated skills. Humans interpret, learn and respond to situations in different ways. Examples of human risk situations include: health and injury problems, particularly with key personnel. mistakes made in the production process. breakdown in interpersonal relationships within the workforce. misinterpretation in communication. esistance to change. An inability to learn. the existence of vices such as greed and selfishness. fraud, dishonesty, theft. there is also a growing value to a business of the intellectual property/knowledge of its workforce. Legal and social risks: these risks increase in developed society. Laws created to protect people, property and the environment can alter the business playing field. Decisions made and techniques used today may result in l itigation at some future date. There may be a close correlation between human, legal and social risks. For example: the duty of care in respect of others within our legal system. This is important from two management aspects: firstly a business has a responsibility to a persons physical well-being. There is the risk that a person or that persons property may be injured or damaged as the result of the business activities (public liability). Secondly there is a duty of care in respect to business advice that may be given to another. This is important in advice where You know, or should have known, that they might rely on that advice. Consider recent litigation against James Hardie as an example of such risks. The growing importance of OH;S obligations is another example. Some production processes often alter the physical environment, creating the risk of downstream detrimental effects on others (for example chemical spills, effluent disposal). The risk manager must consider environmental risks not only in relation to their direct effect on the business, but also for the potential damage to others property rights and the subsequent potential litigation which may ensue. Government policy risks: government policies help to define both the external and internal environments for the agricultural business. In addition to the monetary, fiscal and trade policies, Commonwealth and State governments have various policies—both general and industry specific. These risks can be particularly stressful on businesses as policy can be quickly introduced and are often unexpected. There can be a considerable production and time lag for the business to respond to the new or altered policy. Financial risks Financial risks result from the uncertainty in the finances of the business. The commercial manager has two sources of finance (capital): their own equity capital, or someone elses capital. Someone elses capital can be acquired through borrowing, leasing, and, in the larger firm, the issuing of shares. The use of non-equity capital creates opportunities for growth in the business. This will occur where additional finance can be used to increase productivity and subsequent income through the purchase of additional assets (resources). For example, funds may be borrowed to purchase additional stock, plant and machinery, or to expand production capacity. Leasing is another form of non-equity capital. In this situation the business acquires the use of additional productive assets, and pays a nominal rent for this usage. Non-equity capital also creates financial costs (liabilities such as rent, interest and capital repayments) which may place the business in financial difficulty. The business may not be able to meet its financial commitments (this is liquidity risk), or indeed become insolvent (where liabilities exceed assets). The use of non-equity capital involves the concept of leverage.

Monday, October 14, 2019

Development of Parkinsons Disease Research

Development of Parkinsons Disease Research The Descendants In the spring of 1988, neurologist Larry Golbe at the Robert Wood Johnson Medical School in New Jersey conducted a routine examination of a 48-year-old man David. David was diagnosed with PD ten years earlier. A few weeks after the meeting, David died. After the funeral, Davids brother Frank came to see Golbe, as he was concerned that he also might have PD. After giving Frank a full examination, Golbe confirmed that he had the disease, and started a broad family study to search for any other relatives who might have contracted PD. During his examination, Frank told him the family originated in Contursi, a small village in Italy. Several months after Franks visit, Golbe got a visit from a woman with classic symptoms of PD. After Golbe had examined her, he wondered whether there might be something wrong apart from the PD. The patient, Joyce, told him she was of Italian descent, from a small village called Contursi. Golbe immediately made the connection between David and Joyce. He called his senior colleague Roger Duvoisin, and together they embarked on a complex task of medical detection. A year later, Larry Golbe went to Contursi, Italy to meet with Dr. Salvatore La Sala and his Italian collaborator, the neurologist Giuseppe Di Iorio. They plotted the family tree on a huge chart and found that David and Joyce were seventh cousins. They were two of 574 descendants of a couple who married around 1700. The remarkable finding was that 61 of the recent descendants had developed PD, and that descendants had a 50 percent chance of inheriting the bad gene. Golbe and his team collected blood samples from members of the kindred to take them to New Jersey for DNA analysis. Such analysis might identify the specific genetic mutation and provide clues as to how it caused PD to develop. In the years ahead Duvoisins team failed to capitalize on its discovery because they lacked the specialized skills needed to find the gene. On August 28, 1995, the National Institute of Neurological Disorders and Stroke (NINDS) held a special workshop about PD. The NINDS director, Zach Hall, had asked Roger Duvoisin to present a progress report on the Contursi kindred. It had now been seven years since they had completed the family pedigree, and people were becoming impatient at the lack of progress. After the meeting, Hall asked Bob Nussbaum, a 46-year-old geneticist from the NIH, if he would be interested in mapping and sequencing the gene. Nussbaum was enthusiastic about the idea and suggested that he worked with his colleague Mihael Polymeropoulos. The geneticists used a process called linkage analysis to locate the gene. By taking blood samples from large numbers of both affected and healthy members of the Contursi kindred, geneticists can pinpoint the gene to a small region of the genome. Within nine days, Polymeropoulos and Nussbaum found the gene in a small region (band 21) of the long arm (q) of chromosome 4. The genetic zip code is 4q21. It took another nine months before they located the precise address within the zip code and sequenced the mutated gene. They checked the sequence against GenBank and found a hit. The mutated gene was called SNCA, which coded for a brain protein called alpha-synuclein. A single base change in the genes code produced a mutant form of the protein, which caused affected individuals to contract PD. Maria Grazia Spillantini, an Italian Alzheimers researcher working in England, had developed special staining techniques to visualize alpha-synclein in brain tissues. On a hunch, she used the stain to search for alpha-synuclein in brain specimens of deceased PD patients. Even though these patients lacked the Contursi mutation, she found lots of alpha-synuclein. She found it in Lewy bodies. As you recall, Lewy bodies are found inside the brain tissues of PD patients. In 1997 no one knew what Lewy bodies were made of. Spillantini had found the answer: they are made of alpha-synuclein. Heiko Braak, the legendary neuoanatomist at Goethe University in Frankfurt, was inspired by the discovery that Lewy bodies were made of alpha-synuclein. He embarked on a massive PD project. Using alpha-synuclein staining, Braak looked for Lewy pathology, and he hunted not only in the brain but in the rest of the body. He found that the location of Lewy pathology appeared to change as the disease progressed. Braak argued that this was compelling evidence that PD started perhaps decades before any tremor or rigidity appeared. He suggested that the disease was possibly triggered by an infection in the gut and/or nose and spread throughout the brain in six anatomical stages that mapped into the pattern of symptoms found in epidemiological studies like the Honolulu-Asia Aging Study. Stage 1: loss of smell and constipation Stage 2: REM sleep behavior disorder Stage 3: Classic PD tremor, rigidity, slowness of movement Stage 4: Loss of balance Stages 5 and 6: dementia (when the pathology spreads to the forebrain and the neocortex) Since the 1997 discovery of the alpha-synuclein mutation, some eighteen potential genetic forms of PD turned up. In 2003, a group of Mayo Clinic and NIH geneticists announced a discovery of another family kindred with an inherited form of PD. The team of geneticists had been hunting for the gene since the mid-1990s. First they looked for gene mutations but found nothing. Eventually they discovered that the Iowa kindred PD wasnt caused by a point mutation of the gene. They found that affected members of the kindred had extra copies of the normal alpha-synuclein gene on chromosome 4. That means more alpha-synuclein protein is being pumped into the affected individuals bodies. This discovery showed that you didnt need a mutation to get PD, too much alpha-synuclein can cause PD. The discoveries attracted the attention of the Cambridge Professor Chris Dobson. Four decades of research had convinced Dobson that proteins were implicated in a range of diseases from inherited diseases like cystic fibrosis to neurodegenerative conditions like PD and Alzheimers. He speculated that because many diseases appeared to be connected with misbehaving proteins, one day it might be possible to block several of these diseases with a single drug. Key Takeaways In 1997, Larry Golbe discovered the Contursi kindred with an inherited form of PD. Mihael Polymeropoulos and Bob Nussbaum pinpointed the mutated gene to a gene called SNCA, which coded for a brain protein called alpha-synuclein. Maria Grazia Spillantini discovered that Lewy bodies are made of alpha-synuclein, demonstrating the critical role of alpha-synuclein in PD. Heiko Braak classified the pathology of PD into six stages, depending on the pattern of Lewy bodies found in the PD patient. In 2003, a group of Mayo Clinic and NIH geneticists discovered another family kindred with an inherited form of PD. The gene is not a mutation of the alpha-synuclein gene. The affected individual has extra copies of the gene in their chromosomes. This discovery showed that you didnt need a mutation to get PD, too much alpha-synuclein can cause PD. The field is now poised to test a series of exciting agents designed to stop the spread of this rogue protein in our bodies and brains.

Sunday, October 13, 2019

Summary of World War Two Essay -- World War Two American History Essay

Summary of World War Two World War II is the name commonly given to the global conflict of 1939-1945. It is said to be the greatest and most destructive war in world history. The World War II military operations were conducted primarily in Europe but also in Asia, Africa, and the far islands of the Pacific as well. More than 17 million members of the armed forces perished during the conflict. It caused strain on the economic capabilities of the major nations and left many countries on the edge of collapse. The causes of WWII are too numerous and complex to be generalized. The following is said to be one of the main causes. At the end of WWI Europe was economically impoverished and politically divided. It faced the possibility of social revolution. During the early 1920's Europe experienced an economic depression and the course of European politics was determined largely by the communist revolution, which engulfed many countries. In the late 1920's Europe achieved a measure of economic recovery. However, all hope of political stability in Europe was shattered by the results of the depression that hit the United States in 1929. In the 1930's widespread unemployment and acute distress strained social relationships in Europe. The communist movement soon overwhelmed Europe. The triumph in 1933 of fascism, under the name of National Socialism, or Nazism, in Germany ended the threat of revolution in that country. However, the triumph of the Nazi leader Adolf Hitler would prove to be more disastrous as time passed. The German society was transformed into a totalitarian state, which had withdrawn from the League of Nations. The League of Nations condemned Germany's action for denouncing the Versailles Treaty, which provided the disarmament of Germany. Hitler wanted to establish Germany as the dominant nation in Europe and one of the leading economic, political and military powers of the world. Hitler's conquests would eventually lead to war. Essentially, the war was a conflict between two coalitions of states, designated the Axis Powers and the Allies or United Nations. The Axis Powers included Germany, Italy, Japan, and their satellites. The Allies consisted the United States, the United Kingdom, the Union of Soviet Socialist Republics, China, and their Allies. The war began with the invasion of Poland by Germany on September ... ...e Memorial will be located on the National Mall in Washington, D.C. at the Rainbow Pool site at the east end of the Reflecting Pool. It will lie between the Lincoln Memorial and the Washington Monument. The chosen location will mirror the historical importance and lasting significance of World War II to America and the entire world. Senator Bob Dole is the chairman of the national fund-raising campaign for the Memorial. The Memorial will be funded almost entirely by private contributions. The fundraising goal for the Memorial is $100 million. As of June 1999 approximately $60 million in donations had been received from corporations, foundations, veterans groups, civic associations, and states and individuals. The groundbreaking for the project is planned to begin on Veterans Day 2000. Works Cited History of WWII. World War II Overview Homepage. [On-line]. http://www.frontiernet.net. Bernice Altwegg, personal interview. 11/18/99. Ernest R. May. Between World Wars. Grolier Online Homepage. [On-line]. http://gi.grolier.com/wwii/wwii_2.html. The National World War II Memorial. World War II Memorial Homepage. [On-line]. http://www.wwiimemorial.com/.

Saturday, October 12, 2019

Raku Ware And Staffordshire Pottery :: essays research papers

Raku Ware was originally from Japan in the town of Kyoto and was named after the Raku family during the 16th Century. At this time, the Emperor Hideyoshi had conquered Korea and the native potters immigrated to Japan bringing with them pottery techniques and knowledge.The pots were produced for the Zan Buddhist tea ceremony and the decorating and firing of the pots were part of the tea ceremony. Bernard Leach introduced Raku into the west after living in Japan and China setting up pottery in St. Ives, England in 1920. It is still popular today, and made almost worldwide. Raku Ware is still produced today by the 14th generation, of the same Japanese family.Staffordshire was a large and important part of Britain for earthenware production. The first known examples of Staffordshire slipware date back to early Seventeenth Century. Even though lead-glazed earthenware seemed to be established before this time, the market generally went beyond Staffordshire. Butter pots made in Staffordshire were well known for their quality by dairy farmers in England and surrounding areas. Slipwares are named for their decoration with liquid clays, usually poured or trailed onto the pot. Although this was a highly developed technique in Staffordshire it was used in other surrounding areas such as London and Wrotham.Staffordshire slipware usually has three categories flatware which are plates, dishes and bowls, jugs and lidded pots are classified as hollow ware, and miscellaneous ware includes money boxes, cradles and candle sticks.Just as tea was important in the development of Raku Ware in Japan, so the Elers brothers who studied salt glazes in Europe and moved to Staffordshire in the 1690s, produced small tea pots, tea canisters, teacups and jugs. They used finely prepared red clay which was thrown on the wheel, and then lathed when leather hard. (Common salt is thrown into the kiln during firing 1200oc to produce a salt glaze)In Raku any clay that copes with the firing technique must be able to withstand heat shock without warping, distorting or cracking. The clay needs to have particles in it to allow water to escape quickly so calcinated China clay or clay with temper (grog, flint or shell) added to it, is successful. This clay occurred naturally in Japan. Many contemporary potters have favourite clay recipes for their clay bodies when making Raku Ware.Staffordshire slipware clays usually have trouble withstanding higher temperatures without distorting and warping while stoneware can.

Friday, October 11, 2019

Dividend Policy

Stability of dividend policy. There may be three types of dividend policy (1)Strict or Conservative dividend Policy which envisages the retention of profits on the cost of dividend pay-out. It helps in strengthening the financial position of the company; (2) Lenient Dividend Policy which views the payment of dividend at the maximum rate possible taking in view the current earing of the company. Under such policy company retains the minimum possible earnings; (3)Stable Dividend Policy suggests a mid-way of the above two views. Under this policy, stable or almost stable rate of dividend is maintained.Company maintains reserves in the years of prosperity and uses them in paying dividend in lean year. If company follows stable dividend policy, the market price of tis shares shall be higher. There are reasons why investors prefer stable dividend policy. Main reasons are:- 1. Confidence Among Shareholders. A regular and stable dividend payment may serve to resolve uncertainty in the minds of shareholders. The company resorts not to cut the dividend rate even if its profits are lower. It maintains the rate of dividends by appropriating the funds from its reserves.Stable dividend presents a bright future of the company and thus gains the confidence of the shareholders an the goodwill of the company increases in the eyes of the general investors. 2. Income Conscious Investors. The second factor favoring stable dividend policy is that some investors are income conscious and favor a stable rate of dividend. They too, never favour an unstable rte of dividend. A Stable dividend policy may also satisfy such investors. 3. Stability in Market Price of Shares. Other things beings equal, the market price very with the rate of dividend the company declares on its equity shares.The value of shares of a company having a stable dividend policy fluctuates not widely even if the earnings of the company turn down. Thus, this policy buffer the market price of the stock. 4. Encouragement to Institutional Investors. A stable dividend policy attracts investments from institutional investors such institutional investors generally prepare a list of securities, mainly incorporating the securities of the companies having stable dividend policy in which they invest their surpluses or their long term funds such as pensions or provident funds etc.In this way, stability and regularity of dividends not only affects the market price of shares but also increases the general credit of the company that pays the company in the long run. Factors Affecting Dividend Policy A number of considerations affect the dividend policy of company. The major factors are 1. Stability of Earnings. The nature of business has an important bearing on the dividend policy. Industrial units having stability of earnings may formulate a more consistent dividend policy than those having an uneven flow of incomes because they can predict easily their savings and earnings.Usually, enterprises dealing in nec essities suffer less from oscillating earnings than those dealing in luxuries or fancy goods. 2. Age of corporation. Age of the corporation counts much in deciding the dividend policy. A newly established company may require much of its earnings for expansion and plant improvement and may adopt a rigid dividend policy while, on the other hand, an older company can formulate a clear cut and more consistent policy regarding dividend. 3. Liquidity of Funds.Availability of cash and sound financial position is also an important factor in dividend decisions. A dividend represents a cash outflow, the greater the funds and the liquidity of the firm the better the ability to pay dividend. The liquidity of a firm depends very much on the investment and financial decisions of the firm which in turn determines the rate of expansion and the manner of financing. If cash position is weak, stock dividend will be distributed and if cash position is good, company can distribute the cash dividend. 4. Extent of share Distribution.Nature of ownership also affects the dividend decisions. A closely held company is likely to get the assent of the shareholders for the suspension of dividend or for following a conservative dividend policy. On the other hand, a company having a good number of shareholders widely distributed and forming low or medium income group, would face a great difficulty in securing such assent because they will emphasise to distribute higher dividend. 5. Needs for Additional Capital. Companies retain a part of their profits for strengthening their financial position.The income may be conserved for meeting the increased requirements of working capital or of future expansion. Small companies usually find difficulties in raising finance for their needs of increased working capital for expansion programmes. They having no other alternative, use their ploughed back profits. Thus, such Companies distribute dividend at low rates and retain a big part of profits. 6. Trade Cycles. Business cycles also exercise influence upon dividend Policy. Dividend policy is adjusted according to the business oscillations.During the boom, prudent management creates food reserves for contingencies which follow the inflationary period. Higher rates of dividend can be used as a tool for marketing the securities in an otherwise depressed market. The financial solvency can be proved and maintained by the companies in dull years if the adequate reserves have been built up. 7. Government Policies. The earnings capacity of the enterprise is widely affected by the change in fiscal, industrial, labour, control and other government policies.Sometimes government restricts the distribution of dividend beyond a certain percentage in a particular industry or in all spheres of business activity as was done in emergency. The dividend policy has to be modified or formulated accordingly in those enterprises. 8. Taxation Policy. High taxation reduces the earnings of he companies and c onsequently the rate of dividend is lowered down. Sometimes government levies dividend-tax of distribution of dividend beyond a certain limit. It also affects the capital formation. N India, dividends beyond 10 % of aid-up capital are subject to dividend tax at 7. 5 %. 9. Legal Requirements. In deciding on the dividend, the directors take the legal requirements too into consideration. In order to protect the interests of creditors an outsiders, the companies Act 1956 prescribes certain guidelines in respect of the distribution and payment of dividend. Moreover, a company is required to provide for depreciation on its fixed and tangible assets before declaring dividend on shares. It proposes that Dividend should not be distributed out of capita, in any case.Likewise, contractual obligation should also be fulfilled, for example, payment of dividend on preference shares in priority over ordinary dividend. 10. Past dividend Rates. While formulating the Dividend Policy, the directors mus t keep in mind the dividend paid in past years. The current rate should be around the average past rat. If it has been abnormally increased the shares will be subjected to speculation. In a new concern, the company should consider the dividend policy of the rival organisation. 11. Ability to Borrow.Well established and large firms have better access to the capital market than the new Companies and may borrow funds from the external sources if there arises any need. Such Companies may have a better dividend pay-out ratio. Whereas smaller firms have to depend on their internal sources and therefore they will have to built up good reserves by reducing the dividend pay out ratio for meeting any obligation requiring heavy funds. 12. Policy of Control. Policy of control is another determining factor is so far as dividends are concerned.If the directors want to have control on company, they would not like to add new shareholders and therefore, declare a dividend at low rate. Because by add ing new shareholders they fear dilution of control and diversion of policies and programmes of the existing management. So they prefer to meet the needs through retained earing. If the directors do not bother about the control of affairs they will follow a liberal dividend policy. Thus control is an influencing factor in framing the dividend policy. 13. Repayments of Loan. A company having loan indebtedness are vowed to a igh rate of retention earnings, unless one other arrangements are made for the redemption of debt on maturity. It will naturally lower down the rate of dividend. Sometimes, the lenders (mostly institutional lenders) put restrictions on the dividend distribution still such time their loan is outstanding. Formal loan contracts generally provide a certain standard of liquidity and solvency to be maintained. Management is bound to hour such restrictions and to limit the rate of dividend payout. 14. Time for Payment of Dividend. When should the dividend be paid is anoth er consideration.Payment of dividend means outflow of cash. It is, therefore, desirable to distribute dividend at a time when is least needed by the company because there are peak times as well as lean periods of expenditure. Wise management should plan the payment of dividend in such a manner that there is no cash outflow at a time when the undertaking is already in need of urgent finances. 15. Regularity and stability in Dividend Payment. Dividends should be paid regularly because each investor is interested in the regular payment of dividend.The management should, inspite of regular payment of dividend, consider that the rate of dividend should be all the most constant. For this purpose sometimes companies maintain dividend Meaning and Types of Dividend The profits of a company when made available for the distribution among its shareholders are called dividend. The dividend may be as a fixed annual percentage of paid up capital as in the case of preference shares or it may vary a ccording to the prosperity of the company as in the case of ordinary shares.The decision for distributing or paying a dividend is taken in the meeting of Board of Directors and in confirmed generally by the annual general meeting of the shareholders. The dividend can be declared only out of divisible profits, remained after setting of all the expenses, transferring the reasonable amount of profit to reserve fund and providing for depreciation and taxation for the year. It means if in any year, there is not profits, no dividend shall be distributed that year.The shareholders cannot insist upon the company to declared the dividend. It is solely the discretion of the directors. Aunt hinted that the dividend was an income of the owners of the corporation which they received in the capacity of the owner. Distribution of dividend involves reduction of current assets (cash) but not always. Stock dividend or bonus shares is an exception to it Basic Issues Involved in Dividend Policy There a re certain basic questions which are Involved in determining the sound dividend policy. Such questions are:- 1.Cost of Capital. Cost of capital is one of the considerations for taking a decision whether to distribute dividend or not. As decision making tool, the Board calculates the ratio of rupee profits that the business expects to earn (Ra) to the rupee, profits that the shareholders can expect to earn outside (Rc) i. e. , Rs. /Rc. If the ratio is less than one, it is a signal to distribute dividend and if it is more than one, the distribution of dividend will be discontinued. 2. realisation of Objectives. The main objectives of the firm i. e. maximization of wealth for shareholders including there current rate of dividend-should also be aimed at in formulating the dividend policy. 3. Shareholders' Group. Dividend policy affects the shareholders group. It means a company with low pay-out an heavy reinvestment attracts shareholders interested in capital gains rather than n current income whereas a company with high dividend pay-out attracts those who are interested in current income. 4. Release of Corporate earnings. Dividend distribution is taking as a mens of distributing unused funds.Dividend policy affects the shareholders wealth by varying its dividend pay = out ratio. In Dividend policy, the financial manager decides whether to release Corporate earnings or not. These are certain basic issues Involved in formulating a Dividend policy. Dividend policy to a large extent affects the financial structure, the flow of funds, liquidity, stock prices and in the last shareholders' satisfaction. That is why management exercises a high degree of judgment establishing a sound dividend pattern. Dividend Policy Dividend Policy Vinod Kothari Corporations earn profits – they do not distribute all of it. Part of profit is ploughed back or held back as retained earnings. Part of the profit gets distributed to the shareholders. The part that is distributed is the dividend. The ratio of the actual distribution or dividend, and the total distributable profits, is called dividend payout ratio. How much of its profits should a corporation distribute? There are several considerations that apply in answering this question. Hence, companies have to frame and work on a definitive policy of dividend payout ratio.Of course, no corporate management can afford to stick to a fixed dividend payout ratio year after year – neither is such fixity of dividend payout ratio required or expected. However, management has to broadly decide its policy on its broad attitude towards distribution – liberal dividend payout ratio, or conservative dividend payout ratio, etc. If one were to ask this quest ion in context of debt sources of capital – for example, how much interest should a corporation pay to its bankers, the answer is straight forward. As interest paid is the cost of the borrowing, the lesser the interest a corporation pays, the better it is.Besides, companies do not have choice on paying of interest to lenders – as the rate of interest is contractually fixed. Rate of dividends may be fixed in case of preference shares too. However, in case of equity shares, there is no fixed rate of dividends. It cannot be said that the dividend paid is the cost of equity capital – if that was the case, corporations may try to minimize the dividend distribution. Hence, the following points emerge as regards the dividend distribution policy: †¢ The cost of equity is defined as the rate at which the corporation must earn on its equity to keep the market price of the equity shares constant.Let us further suppose that the market price of the shares is obtained by capitalizing the earnings of the corporation at a certain capitalization rate – the capitalization rate itself depending on the riskiness or beta of the industry. Suppose the corporation does not earn any profit. Shareholders were expecting a certain rate of return on their shareholding – hence, share prices will fall at the expected return on equity. On the other hand, if just the expected rate of return is earned by the corporation, the price of equity shares remains constant if the earnings are entirely distributed, and xactly grows by the expected rate of return if the earnings are entirely retained. The above discussion leads to the conclusion that the cost of equity is not the dividends but the return on equity – hence, a corporation cannot work on the objective of minimizing dividends. Equity shareholders are the owners of the corporation – hence, retained earnings ultimately belong to the shareholders. Supposing a company earns return on equity o f 10%, and retains the whole of it, the retained earnings increase the net asset value (NAV) of the equity shares exactly at the rate of 10%.Assuming there are no other factors affecting the equity price of the company, the market price of †¢ †¢ †¢ †¢ †¢ †¢ the shares should exactly go up by 10% commensurate with the increase in the NAV of the shares. That is to say, shareholders gain by way of appreciation in market price to the extent of 10%. On the other hand, if the company distributes the entire earnings, shareholders earn a cash return of 10%, and there is no impact on the NAV of the shares, hence, the same should remain unchanged.Therefore, in both the cases, the shareholders earned a return of 10% – in the first case, by way of growth or capital appreciation, and in the second case, by way of income. In other words, merely because the corporation is not distributing profits does not mean it is depriving shareholders of the rate of return on equity. The above two points reflect the indifference, sometimes referred to as irrelevance of dividend policy (see Modigliani and Miller approach later in this Chapter) from the viewpoint of either the company or its shareholders. Supposing the corporation decides to retain the entire earning.Obviously, the corporation would earn on this retained profit at the applicable return on equity. Note that the return on equity is relevant, as retained earnings would be leveraged and would, therefore, benefit from the impact of leverage too. On the other hand, if the corporation were to distribute the entire profits, shareholders reinvest/consume the income so distributed at their own rate of return. Hence, it may be contended that whether the company retains or distributes the earnings depends on whose reinvestment rate is higher – that of the company or that of the shareholders?Quite clearly, the rate of reinvestment in the hands of the corporation is higher than that in the han ds of the shareholders, (a) because of leverage which shareholders may not be able to garner; and (b) intuitively, that is the very reason for the shareholders to invest in the company in the first place. This argument generally favors retention of profits by the company rather than distribution. [As we discuss later, this argument is the basis of the Walter formula] As a counter argument to this, it is contended that shareholders do not need growth only – they need current income too.Many investors may sustain their livelihood on dividend earnings. Of what avail is the increase in market value of shares, if I need cash to spend for my expenses? However, in the age of demat securities and liquid stock markets, growth and income are almost equivalent. For example, if I am holding equity shares worth $ 100, which appreciate in value to $ 110 due to retention, I can dispose off 10/110% of my shareholding, earn cash equal to $ 10, and still be left with stock worth $ 100, which i s exactly the same as earning cash dividend of $ 10 with no retention at all.While the above argument may point to indifference between growth and income, the reality of the marketplace is that investors do have varying preferences for growth and income. There are investors who are growth-inclined, and there are those who are income-inclined. Majority of retail investors insist on balance between growth and income, as they do not see an exact equivalence between appreciation in market value and current cashflows. Hence, the conclusion that emerges is that companies do have to strike a balance between shareholders’ need for current income, and growth opportunities by retained earnings.Hence, dividend policy still remains an important consideration. While making the above points, there are certain special points that affect particular situation that need to be borne in mind: †¢ Company’s reinvestment rate lower than that of shareholders: Sometimes, there are compani es that do not have significant reinvestment opportunities. More precisely, we say the reinvestment rate of the company is lesser than the reinvestment rate of shareholders. In such cases, obviously, it is better to pay earnings out than to retain them.As the classic theories of impact of dividends on market value of a share (see Walter’s formula below) suggest, or what is anyway intuitively understandable, retention of earnings makes sense only where the reinvestment rate of the company is higher than that of shareholders. †¢ Tax disparities between current dividends and growth: In our discussion on indifference between current dividends and share price appreciation, we have assumed that taxes do not play a spoilsport. In fact, quite often, they do.For example, if a company distributes dividends, the same may be taxed (either as income in the hands of shareholders, or by way of tax on distribution – like dividend distribution tax in India). Alternatively, if the shareholders have a capital appreciation, which they encash by partial liquidation of holdings, shareholders have a capital gain. Taxability of a capital gain may not be the same as that of dividends. Hence, taxes may differentiate between current dividends and share price appreciation. Shares with fixed returns: Needless to say, there is no relevance of dividend policy where dividends are payable as per terms of issue – for example, in case of preference shares. †¢ Entities requiring minimum distribution: There might also be situations where entities are required to do a minimum distribution under regulations. For example, in case of real estate investment trusts, a certain minimum distribution is required to attain tax transparent status. There might be other regulations or regulatory motivations for companies to distribute their profits.These regulations may impact our discussion on relevance of dividend policy on price of equity shares. †¢ Unlisted companies: Fi nally, one must also note that discussion above on the parity between distributed earnings and retained earnings – the latter leading to market price appreciation – will have relevance only in case of listed firms. Technically speaking, in case of unlisted firms too, retained earnings belong to the shareholders, as shareholders after all are the owners of the residual wealth of the company. However, that residual ownership may be a myth as companies do not istribute assets except in event of winding, and winding up is a rarity. The discussion in this chapter on dividend policy, as far is relates to market price of equity shares, is keeping in mind listed firms. In case of unlisted firms, classical models such as Walter’s model or Gordon Growth model discussed below may hold relevance than market price-based models. From dividends to market value of equity: Dividend capitalisation approach: If, for a second, we were to ignore the stock market capitalisation of a company, what is the market value of an equity share?Say, we take the case of an unlisted company. We know from our discussion on present values that the value of any asset is the value of its cashflows. What is the cashflow a shareholder gets from his equity? As long as the company is not wound up, and the shareholder does not sell the stock, the only cashflow of the shareholder is the dividends he gets. It is easy to understand that if we are not envisaging either a sale of the shares or a liquidation of the company, then the stream of dividends may be assumed to continue in perpetuity. Hence, VE = ? ? (1 + K i =1 Di E )i (1)Where VE : Value of equity K E : Cost of equity Di : dividends in paid in year i Equation (1) is easy to understand. Shareholders continue to receive dividends year after year, and these dividends are discounted by the shareholders at the cost of equity, that is, the required return of the shareholders. If the stream of dividends is constant, then Equation (1) is actually a geometric progression. We can manipulate Equation (1) either to compute the price of equity, if the constant stream of dividends is known, or to compute the cost of equity, if the dividend rate and market price of the shares is known.Applying the geographical progression formula for adding up perpetual progressions, assuming constant dividends equal to D, Equation (1) above becomes: VE = = D (1 + K E ) ? (1 ? 1 ) 1+ KE (2) D KE Example: Supposing a company the nominal value equity were $ 100, and the dividends at the rate of 10 % were $ 10, if the cost of equity is 8%, then the market price of the shares will given by 10/8%, or $ 125. Incorporating growth in dividends:In our over-simplified example above, we have taken dividends to be constant. It would be unusual to expect that dividends will be constant, particularly where the company is not distributing all its earnings. That is to say, with the retained earnings, the company has increasing profits in successive ye ars, and therefore, it continues to distribute more. If dividends grow at a certain compounded rate, say g, then, Equation (2) above becomes: VE = D (1 + g ) (1 + K E ) = ? (1 ? 1+ g ) 1+ KE (3) D (1 + g ) KE ? gNote that we have assumed here that even the first dividend will have grown at g rate, that is, the historical dividend has been D, but we are expecting the current year’s dividend to have increased at the constant rate. If we assume the current year’s dividend will not show the growth, and the growth will come from the forthcoming year, then we can remove (1+g) in the numerator above. The formula as it stands is also referred as Gordon’s dividend growth formula, discussed below. Example: Supposing a company the nominal value equity were $ 100, and the dividends at the rate of 10 % were historically $10.Going forward, we expect that the dividends will continue to grow at a rate of 5% per annum. If the cost of equity is 8%, what is the market value? We pu t the numbers in the formula and get a value of $350. Note that we can also test the valuation above on Excel. If we take sufficient number of dividends, say, 1000, successively growing at the rate of 5%, and we discount the entire stream at 8%, we will get the same value. Example: Supposing a company the nominal value equity were $ 100, and the dividends at the rate of 10 % were historically $10.Going forward, we expect that the dividends will continue to grow at a rate of 12% per annum. If the cost of equity is 8%, what is the market value? This is a case where the growth in dividends is higher than the discounting rate. The growth in dividends is a multiplier; the discounting rate is a divisor. If the multiplier is higher than the divisor, then the present value of each successive dividend will be higher than the previous one, and hence a perpetual series will have infinite value. There is yet another notable point – the growth rate g above may be also be visualised as the appreciation in the market value of the share.That is, shareholders are rewarded in form of current earnings as well as growth in the value of their investment. Dividend-based equity models: Walter Approach: The Walter formula belongs to James E Walter, and is based on a simple argument that where the reinvestment rate, that is, rate of return that the company may earn on retained earnings, is higher than cost of equity (which, as we have discussed before, the expected returns of the shareholders, or rate of return of the shareholders), then, it would be in the interest of the firm to retain the earnings.If the company’s reinvestment rate on retained earnings is the less than shareholders’ rate of return, the company should not retain earnings. If the two rates are the same, then the company should be indifferent between retaining and distributing. The Walter formula is based on a simple analysis that the market value of equity is the capitalisation of the current ear nings and growth in price (g in our formula in equation 3 above). Hence, the basis of Walter formula is: VE = D +g KE (4) Here, the growth factor occurs because the rate of return on retention done by the company is higher than the cost of equity.That is to say, the company continues to earn at r rate of return on the retained earnings, and this is what causes growth g. Hence, g= r (E-D)/ K E Inserting equations (5) into (4), we have VE = (5) D KE + r (E – D)/K E KE (6) Where r = rate of return on retained earnings of the company E = earnings rate D = dividend rate Example: Supposing a company the nominal value equity is $ 100, and the dividends at the rate of 10 % are $10. Supposing the company earns at the rate of 12% , what is the market value of equity if the the cost of equity is 8%?The market value of the share comes to $ 162. 50. This is explainable easily. As the company is earning $12, and distributing $10, it retains $ 2 every year, on which it earns at 12%. The cap italised value of 0. 24 at 8% will be the expected growth. Therefore, the sustainable earnings of the shareholders will be $ 10 +3, which, when capitalised at 8%, produces the value $ 162. 50. Of course, the key learning from Walter’s approach is not what the market value of equity is, but how the market value of equity can be maximised by following a proper distribution policy.For instance, in the present case, it is not advisable for the company to distribute any dividend at all, as the company earns more than the shareholders’ opportunity rate. If the company was not to distribute anything, the market value of the share may increase to $ 225. Gordon growth model: Gordon’s growth model is simply Equation (3) above, that is, VE = D (1 + g ) KE ? g This is, as we have seen above, derived from perpetual sum of a geometric progression, under the assumption that the growth rate is less than the cost of equity. Modigliani and Miller approach:Franco Modigliani was aw arded Nobel prize in 1985 and Merton Miller in 1990 (along with Markowitz and Sharpe). M&M have theorised on the irrelevance of the capital structure, and a corollary, irrelevance of the dividend payout ratio to the value of the firm. Like several financial theories, M&M hypothesis is based on the argument of efficient capital markets. In addition, we believe that a firm has two options: (a) It retains earnings and finances its new investment plans with such retained earnings; (b) It distributes dividends, and finances its new investment plans by issuing new shares.The intuitive background of the M&M approach is extremely simple, and in fact, almost selfexplanatory. It is based on the following propositions: †¢ Why would a company retain earnings? Only tenable reason is that the company has investment opportunities. If the company does not retain earnings, where does it finance those investment opportunities from? We may assume a debt issuance, but then as M&M otherwise propoun ded irrelevance of the capital structure, they see a parity between debt and equity, and hence, it does not make a difference whether the new investments are funded by equity or debt.So, let us assume that the new growth plans are funded by equity. Shareholders price the equity shares of the company to take into account the earnings and the retentions of the company. If the company distributes dividends, the shareholders take into account that fact in pricing of the shares; if the company does not distribute dividends, that is also reflected in the pricing of the shares. If dividends are distributed, the financing needs of the company will be funded by issuing new shares. The issue price of these shares will compensate for the fact that the dividends have been distributed.That is to say, the market price of the share will remain unaffected by whether the dividends have been distributed or not. †¢ †¢ Let us take a one year time horizon to understand the indifference argumen t of M&M. We use the following new notations: Po P1 D1 n m I X : Price of the equity share at point 0 : Price of the equity share at point 1, that is, end of period 1 : Dividend per share being paid in period 1 : existing number of issued shares : new shares to be issued : Investment needs of the company in year 1 : Profits of the firm year in 1 The relation between the price at the beginning of the year (Po), and that at he end of the year (P1) is the simple question of discounted value at the shareholders’ expected rate of return (KE). Hence, Po = (P1 +D1) / (1+(KE) (7) Equation (7) is quite easy to understand. Shareholders have got a cash return equal to D1 at the end of Year 1, and the share is still worth P1. Hence, discounted at the cost of equity, the discounted value is the price at the beginning of the period. Alternatively, it may also be stated that the P1 = (P0 )* (1+(KE) – D1 (8) That is to say, if the company declares dividends, the price the end of year 1 comes down to the effect of the distribution.Equation (7) can be manipulated. By multiplying both sides by n, and adding a self-cancelling number m, we may write (7) as follows: nPo = [(n+m)P1 -mP1 +nD1)]/(1+(KE) (9) Note that we have multiplied both sides by n, and the added number m along with m is cancelled by deducting the same outside the brackets. mP1 represents the new share capital raised by the company to finance its investment needs. How much share capital would the company need to raise? Given the investment needs I and the profits X, the new capital issued will be given by the following: mP1 = I – (X – nD1) (10)Again, this is not difficult to understand, as the total amount of profit of the company is X, and the total amount distributed as dividends is nD1. Hence, the company is left with a funding gap as shown by equation (10). If the value of mP1 is substituted in Equation (9), we have the following: nPo = [(n+m)P1 – {I – (X – nD1)} +nD1)]/(1+(KE) (11) As nD1 would cancel out, we will be left with the following: nPo = [(n+m)P1 – I + X] /(1+(KE) (12) Since nPo is total value of the stock at point 0, it is seen from Equation (12) that dividend is not a factor in that valuation at all.

Thursday, October 10, 2019

Richard Rodriguez- Aria: A Memoir of a Bilingual Childhood Essay

â€Å"Aria. † an extract from the memoir â€Å"Hunger of a Bilingual Childhood. † histories for the writer. Richard Rodriguez’s. childhood experience with larning English as a 2nd linguistic communication. Throughout his essay he represents the power of the person to get the better of the linguistic communication barrier and how he overcame this peculiar job as a kid. Bing lacerate between conforming to the â€Å"public† linguistic communication or remaining true to his â€Å"private† linguistic communication. he discusses subjects of familiarity and linguistic communication. Throughout his extract. he presents statements against the thought of bilingual instruction and it’s negative effects on ESL pupils. like himself. Born in a Mexican immigrant household and traveling to a metropolis in California. Sacramento. Rodriguez had already known from the start that he’s â€Å"different† from the remainder of the kids in the country. He was Hispanic. He felt the difference expressively at school and it was non merely because of his physical visual aspect. The difference of is what isolated him the most. They differed socially. He felt a gulf between Spanish. the linguistic communication he used at place which offered comfort. versus English. the linguistic communication used in the public universe which to him was foreign. Rodriguez felt the separation from his English-speaking schoolmates. as he struggled to get the hang this â€Å"public† linguistic communication and hopefully derive credence. Since its initiation yearss. U. S. had ever been a runing pot of diverse ethnicities. Welcoming fledglings while take a firm standing they learn and embrace its civic civilization. It was suggested that those who come here in America should go Americans. Upon come ining grade school. it was a monolithic civilization daze for Rodriguez. He was put in an ESL category expected to larn English. to talk English. and communicate in English. but of class in a â€Å"English as a Secondary language† puting. It was a ambitious passage. nevertheless. with pattern. Rodriguez began to slowly follow the English linguistic communication giving him and his household assurance and deriving a sense of individuality among his equals. However. every victory came at a monetary value. Rodriguez had ever considered Spanish an intimate linguistic communication he used amongst his household. The more English he spoke intend the less Spanish. Not long after. he felt that connexion easy and to him he associated that as a â€Å"departure† from his childhood. In Greek. way means â€Å"emotions† and for Aristotle. poignancy is an entreaty to those provinces of head that have an emotional constituent. Since it is a memoir. his emotions were vivid in every individual page. He begins by showing himself as a immature Hispanic male child. go toing an American school for the the first with really small cognition of English ( Rodriguez 163 ) . The reader’s inherent aptitude is to experience understanding for the immature male child drowned in strangeness in his new environment. a new group of people. a new manner of life. and a new linguistic communication. He quoted. â€Å"I heard her sound it out: Rich-heard Road-ree-guess ( Rodriguez 162 ) † . Readers can sympathise with relatable feelings of being immature and vulnerable. when first being faced with the existent universe. Besides. he remembered being outnumbered in his school by people of different cultural backgrounds. Again. readers’ natural inherent aptitude is to sympathise with anyone who might experience like the â€Å"underdog† or person who feels excluded and different. And in conclusion. another large illustration was when Rodriguez notices his mother’s face vanishing from the school on his first twenty-four hours. he said. â€Å"Quickly. I turned to see my mother’s face dissolve in a watery fuzz behind the pebbled-glass door ( Rodriguez 163 ) . Again. the readers as worlds are of course inclined to sympathise with a kid confronting a new and potentially baleful experience without the aid and counsel of it’s female parent. therefore it is a terrific experience. It is apparent that Rodriguez felt many negative emotions being a minority in a foreign topographic point. he felt fright. and under appreciated for who he was. For Aristotle. the ethos of a talker is persuasive when the address demonstrates practical wisdom. moral virtuousness. and goodwill towards the audience. On his first twenty-four hours of school. Rodriguez commented that although he felt nervous on his first twenty-four hours of school. he knows that the other kids besides felt nervous as good. he observed his schoolmates being â€Å"uneasy†¦finding themselves apart from their households ( Rodriguez 162 ) † . He hence showed his sense of equity and his deficiency of self-pity. which reflects on his low character. Another illustration. is when Rodriguez carefully explains the ends of bilingual instruction as those ends are understood by it’s advocate. He states. â€Å"Bilingual schooling is a plan popularized in the 1970ss. that decennary when middle-class â€Å"ethnics† began to defy the procedure of assimilation— the American thaw pot ( Rodriguez 172 ) . † Once more. he present himself as carnival minded and nonsubjective. Besides. while he was showing his resistance to bilingual linguistic communication his used of the word â€Å"force† in â€Å"I hear them and am forced to state no†¦ ( Rodriguez 180 ) † implies that his point is non fiddling. It is something he feels he need to voice to do other ESL pupils feel more comfy. His phrasing suggests that he feels theta he has no other ethical pick but to state war he genuinely and unfeignedly believes. This proves that he is true and unfeignedly to what he believes and is honorable and caring about the well being of other kids who feels â€Å"different† . Sons are explained as the â€Å"text of speech† by Aristotle. And in conclusion. Talking as an intelligent and educated grownup. Rodriguez introduces the subject of bilingual instruction. He shows that he knows when his thought was foremost proposed. by whom it was proposed. by whom it was foremost proposed to. and the grounds that led people to suggest it ( Rodriguez 172 ) . His deduction proves him to be good informed and trusty observer. Next. Rodriguez reports more of his ain household background. connoting that his resistance to bilingual instruction will be rooted in really practical grounds with which he is rather familiar. he states â€Å"Bilingualists insists that a pupil should be reminded of his difference from others in mass society. of his heritage ( Rodriguez 173 ) † . His resistance will non be irrational but will alternatively be the consequence of grounds he personally knows all excessively good. The point Rodriguez is doing in his essay through the usage of rhetorical entreaties is that turning up as an ESL scholar was hard. but it enabled him to set up a public individuality in his English-Speaking community. He felt he had the right and duty to larn English. Rodriguez does non hold with â€Å"Hispanic American activists† who support a bilingual instruction for ESL scholars. He feels that teaching the kids in Spanish instead than English might detain their ain entryway in the public universe of English-speaking society and ache them in a long tally. He strongly feels that school should be taught in standard English. the same manner how other pupils are taught. Alternatively of seeking to absorb the difference in societal civilization. schools and pedagogues should promote pupils to encompass their roots. while seeking to larn the English linguistic communication. ESL Students should non experience the demand to maintain their primary linguistic communication sole when in the adult-life holding a 2nd linguistic communication is a great advantage. The positive facets of the place of ESL scholars should decidedly be emphasized in a school scene.