Who is the real Alcibiades?

According to Gribble (1999) Alcibiades is one of the most famous political people from Greece in the ancient history who came from a one of the powerful families in the ancient Greek.He is said to have been a very courageous man, ambitious but yet with bad morals Apart from being an active person in the political issues he was also talented in giving good speeches an art that he was taught by one of his great teachers who at that time was the Socrates.His life in politicsAlcibiades started his career in politics during the time of a war called the Peloponnesian war that involved the people of Sparta and Greece. In this war Alcibiades with his ambitions wanted to lead the army to continue fighting so that Greek would win over the Spartans because there were signs that the war was ending.Nicias who was representing and commanding the army in Greek had entered into peace deals with the people of Sparta. So one day some people from Sparta were sent to Athens the city of Greece to deliver a message of peace to the people of Greece going specifically through Nicias Gribble (1999).As discussed in Gribble (1999) while they were there Alcibiades through his sweet talk managed to convince them to oppose the idea of having peace between the two regions as it would only benefit Nicias. By doing all this he undermined the efforts of Athens and Sparta of wanting to make peace with the Spartans by giving false information to the people who had been sent from Sparta to negotiate with Nicias.Following the information that Sparta the war resumed with the people of Athens blaming Nicias who latter on lost political trust among the people of Athens and in effort to ensure that they maintained their powerful status that Greek was holding in the society they appointed Alcibiades to be the commander of their army starting a political career that led him to problems until his death at a war while he was still a commander.The other wars that he in participated in include the war agains t the Abydos, Chalydon and other wars that were outside the city of Athens in which his strategies were said to have succeeded in setting the enemies against the Athenians.Roles he playedAs summarized in   Gribble (1999) at the time he was the commander Alcibiades made so many enemies because of this habit of changing political stands and taking actions that cost the lives of people and some of his actions were considered not to be moral in the society.This was seen when at the start of his political life he led campaigns that were portraying Athenians as people who were so aggressive in using their power during the Peloponnesian war. He had used the Sparta people to achieve his own intentions in that manner made friends with them since they thought of him as being their true friend.In addition to that Gribble (1999) at the time Athens went to war with Sicily he was accused of disobeying the rules that had been set by the army and disobeying the other rulers which made the enemies in Athens wanting to kill him.He then ran to Sparta and from there he again incited the Spartan against the Athenians in the war that came afterwards. As an adviser to the Spartans he made them to withdraw the support that they were giving in aid for war that had just ended in Athens getting their support.Gribble (1999) he then went back to Athens by promising the people of Athens that he would facilitate a process that would ensure they get a new constitution. He also promised to take riches to them from Sparta and with all the sincerity they accepted him back. After he was taken back the military gave him a big position where he planned to undermine the commander by spreading information that the Athens military had persuaded him to return so as to bring change when he failed to fulfill his promises.How he looked as a traitorThrough all the actions that he led Alcibiades was always seen inciting many people who were against Athens. He used to draw the attention of those people by luring them through talks, using money, false promises among other favors.This made Greece to face a tough time in dealing with its enemies as given that there was someone like Alcibiades who had most of the information about Greece many of their war secrets were give out making them to be more cautious on the strategies that they were using. By doing all this evil deeds at the last minute he was disowned by the people when the war ended and he was left to the enemies who killed him Gribble (1999).

Cyberbullying Essay: Define, Prevention and Effects

The model answer for  Cyberbullying Essay. Structure of Essay:Introduction –  Definition of Cyberbullying, instances, how cyberbullying begins, age group cyberbullying is most active.Effects of Cyberbullying –  Mental & Physical, Isolation, effect on friends and familyHow To Prevent Cyberbullying  Ã¢â‚¬â€œ Steps to be taken by parents, school authorities, governmentConclusionCyberbullying Essayco.uk/wp-content/uploads/2016/01/maxresdefault-2-1024x576.jpg" alt="Cyberbullying Essay" width="755" height="425" />What is Cyberbullying?1. IntroductionDefinition: Cyberbullying  is the act of bullying in the form of digital media or devices. It is a modern term for bullying, which emerged with the rise of the internet and mobile devices. Cyberbullying takes place on digital devices like cell phones, computers, and tablets. It can take the form of texts through SMSes, online chat forums, social networking sites and gaming forums. Acts such as posting, sending or sharing negative content that is harmful, mean or obscene, defines cyberbullying. Cyberbullying can also take the form of some illegal physical activities and unlawful behavior. The internet is the place where cyberbullying is most common. Social media sites like Facebook, Snapchat, and Instagram, to name a few are the most common sites for cyberbullying. With the introduction of free messaging apps, the instances of cyberbullying have increased. The rampant use of mobile phones has brought cyberbullying at the tip of fingers and cyberbullies make use of these technologies to prey on potential victims.Examples and Instances of Cyberbullying:Born in 1996, Amanda Todd was like any other teenager with dreams and a fascination for the internet. She met a stranger online who flattered her and convinced her to go topless. The stranger took pictures of her and kept stalking here for several other shows. When she tried to fight back the photos were sent to her family and friends. After which, she was abused and disrespected in school by her friends. Going into major depression and anxiety, she tried taking her own life several times and finally succeeded. A month before she killed herself she released a video telling her story which became viral after her death and people realized how dreadful it was. This is a  prime example of how cyberbullying can destroy innocent.How Cyberbullying Begins:We live in a world dominated by technology and not only teenagers, but adults too are addicted to the use of electronic devices and the internet. The internet has played a major role in connecting the entire world and individuals from across the continents. Cyberbullying starts in the virtual world. The cyberbullies enjoy the anonymity and the infinite reach of the internet to prey on unsuspecting and potential victims. Once they get hold of something personal of the victim, they start to either blackmail or harass them.Age Group in Which Cyberbullying is Most Active:Victims of cyberbullying are most commonly from the age group of 12 to 18. Teenagers get attracted to the online glamour and the attention that they get from strangers. The virtual fandom is what they seek, and they tend to do things for gaining followers on social sites such as Facebook and Instagram. But older victims can get caught in it too. School students are easy to target, and if they have a bully within they school then, it becomes more difficult to escape the bullying.2. Effects of CyberbullyingMental And Physical Effects:Cyberbullying can result in increased distress for the victims along with increased anger and frustration. They will vent this out on various oc casions, and it might force them to get addicted to the virtual world where they can have several identities to hide their real one. The victims will automatically have lower self-esteem since that is the sole purpose of bullying. Prolonged bullying will lead to severe withdrawal from their family and friends. They will begin favoring isolation most of the time and indulging in harmful activities like drugs and alcohol.Feel Alone and Isolated:Most of the victims are forced to stay away from any and all social sites in a bid to escape the cyberbullies. They separate themselves to feel a sense of protection form the outer world. Most of the victims do not reveal anything to their parents or family members to disappoint them. To escape the bullies, they may try to change their schools or home, but they are hardly able to escape the clutches of the tormentors. Most of the time the victims would give up fighting the bullies and kill themselves to escape the pain and horrors of the continuous cyberbullying.Disinterested in Attending School:If a schoolmate bullies a  Ã‚  kid, then the first way for him to avoid the bullying is to stop going to school. He/she would choose to skip classes to escape the tormentors temporarily. The feeling of embarrassment and humiliation from the fellow students will prevent the kid to return to school and have a healthy school life. Their grades will start dropping, and most of the time they will drop out.Victims Might Get ill:Apart from the usual mental and physical effects of cyberbullying, it can take a toll on the health of the victim. Symptoms like headaches and stomach problems are very often seen in the victims. It can also result in issues that are caused due to stress like various skin conditions and stomach ulcers. Due to binge eating or skipping meals several weight issues can arise, and they might have to deal with insomnia and other sleeping disorders.3. How To Prevent Cyberbullying?Identify Victims:Identifying victims may be a challenge if they are introverts initially, but every victim leaves off some prominent clues to their condition and their troubles. Isolating oneself and staying alone is one such clue. If they seem to be depressed all the time or are usually anxious and angry, then it may signal that they are going through some form of bullying.Steps to be Taken by Parents and Family Members:The primary step is to prevent the kids from coming in contact with these harmful and dangerous predators that are always prowling about for a victim. Try to keep the computer in a common area and stay updated with all the latest websites and trends on the internet. Teach them about the internet and how to use it responsibly and safely. Communication is an essential step in getting to know about their situation. Talking to the child will help in building trust, and they will be more comfortable in sharing their troubles with the parents. Once they share what is happening, try not to overreact and blame them for the incident. Ask them to be strong and let them know that they will always have their parents by their side. Cyberbullying is an actual threat and not a childish thing. Realizing the gravity of the situation is important in solving it.Steps to be Taken Schools and Colleges:The faculties should be aware of any student showing the signs of being a bully or being bullied. If they have any concern, then they should delicately handle the situation and inform the authorities to take over the case. Schools should have counselors to assist the students and help them overcome any tough situation.Steps to be Taken as a Country and Laws Necessary:Laws against cyberbullying have been in place for quite some time though they were introduced after many such cases were highlighted. The rules are designed to protect the victim and keep the case information confidential. The law enforcement authorities should be proactive in the investigation of such a situation unlike in the Amanda Todd case where the police wer e slow in taking action and did not consider the matter important which ultimately cost the life of an innocent kid.  4. ConclusionCyberbullying is a serious issue, and it can be truly horrific to go through such a difficult period. Staying strong and fighting back is the only option against these bullies. It’s possible to get over it and live your life again. Seeing a counselor can help the victims handle the incident in a better and a safe way. Life does not get over if you are a victim of cyberbullying and it is possible to fight back.Statistics Regarding Cases of Cyberbullying:According to the US Department of Justice, in the year 2010 to 2011, 9% of the total students aged between 12 and 18 were cyberbullied. A survey conducted the year 2012; it was found that almost 55.2% of students belonging to the LGBTQ community were cyberbullied. Over the past years the rate of cyberbullying has increased, and in the year 2016, a survey found that the number of people who have faced cyberbullying at least once in their lifetime doubled from about 18% to nearly 34%. This is evidence of how rampant cyberbullying is becoming. By the year the percentage of high school students who were bullied had become 5%, and the percentage of middle school students who had become victims of cyberbullying was 24%. Through the help of several surveys, it was found that girls were targeted more than boys in cases of cyberbullying.

PHIL Essay Example | Topics and Well Written Essays - 1250 words

PHIL - Essay Example The contentious documentary entitled â€Å"The Bridge† featured the well-known Golden Gate Bridge in San Francisco. According to The Bridge, â€Å"the mythic beauty of the Golden Gate Bridge, the most popular suicide destination in the world, and the unfortunate souls drawn by its siren call† (Morrow, 2006). This controversial documentary documented how 24 people in year 2004 chose to commit suicide and die at the Golden Gate Bridge (Morrow, 2006). According to Fimrite (1998), a staff writer of the Chronicle, the Golden Bridge is the â€Å"No. 1 suicide landmark in the world.† Another famous bridge is the Coronado Bridge in San Diego, considered to be a suicide magnet too (Dotinga, 2009). Dotinga (2009) stated that Coronado Bridge is â€Å"one of the highest suicide tolls of any bridge in North America, almost certainly placing it in the top five.† Sunshine Skyway of St. Petersburg was also identified as the â€Å"nations fourth-most-frequent suicide brid ge† (Morales, 2011). Bridges are therefore considered to be sure, swift, clean and accessible method of committing suicide. The alarming cases of suicides committed in Golden Gate Bridge, Sunshine Skyway and Coronado Bridge are the proofs that commission of suicide in bridges is already common especially among the youth. In order for this situation and fact to be addressed, the engineers who build and design bridges should therefore take good consideration of the fact sheet of the country. Before they design and build bridges they should know the possible effects of their decisions. In cases like the Golden Gate Bridge, Coronado and Sunshine Skyway, what engineers could possibly do is to put barriers and or any devices that would surely prevent people commit suicide. It can be said that suicide is way out of the hands of the designers or engineers who build the bridges, but in the end, they can be considered partly responsible of the effects of the bridges they built. If the

Law - Restitution Essay Example | Topics and Well Written Essays - 6750 words

Law - Restitution - Essay Example ges now recognize that there is an important subject called restitution and that in general terms, it concerns the removal of benefits that would otherwise unjustly enrich the defendant. It is not difficult to imagine that jurisprudence surrounding the much more limited principle of free acceptance is even narrower. To aspire for universality or even, less ambitiously, coherence, would be a futile exercise. The only discernible trend is, as Hedley somewhat cynically puts it, â€Å"the willingness to make quite spectacular changes in the law when the judge’s moral feelings are sufficiently outraged.†2 What this paper will attempt to do is to present a comparative overview of free acceptance, and to some extent, unjust enrichment, as it is applied in common law jurisdictions. By way of providing some form of context, it will also explore how the common law countries perceive these two principles, as opposed to civil law countries. The jury is still out on the question of what the future holds for these two intertwined doctrines, dependent as it largely is on the vagaries of the legal system and the constantly-shifting winds of judicial discernment and discretion. To quote Birks, â€Å"a free acceptance occurs where a recipient knows that a benefit is being offered to him non-gratuitiously and where he, having the opportunity to reject, elects to accept.†3 It is an alternative to incontrovertible benefit that cannot be disputed by the defendants, as in benefits that have accrued due to a clear and unmistakeable meeting of the minds. Birks proceeds from Goff and Jones4 who first propounded the idea of subjectively-determined benefit. The most famous example of free acceptance is of a window cleaner who cleaned the windows of a homeowner, the homeowner being fully aware that the window cleaner believed that he was performing the service for valuable consideration and yet doing nothing to stop the cleaner from cleaning the windows. Per the argument of Goff and Jones

Religion and Society Essay Example | Topics and Well Written Essays - 1250 words

Religion and Society - Essay Example In the long list of the existing faiths, the Abrahamic religions enjoy unique and distinctive place in their nature and scope. The number and proportion of these faiths dominate in the world, as over half of the total world population consists of the followers of these three faiths. There are almost 13.3 million Jews (0.23% of the world population), most of which live in the USA, UK, Canada, South Africa and Israel. (LeElef, 2011) Similarly, there are 2.1 billion Christians, while 1.34 billion Muslims, i.e. approximately 33.1% and 21% of the world population respectively. (Quoted in adherents.com) Judaism, Christianity and Islam are viewed to be the Abrahamic religions due to the very reality that they follow almost one and the same mythology and religious belief systems. All these three religions have developed faith in monotheism, and unconditionally believe that Almighty God is regulating all the affairs of the world. They also share the concepts of angels, satanic forces, heaven, hell, the Resurrection Day, reincarnation and concept of rewards and punishments in their fold. Moreover, their Holy Scriptures i.e. the Holy Torah, Bible and the Holy Qur’an also share Adam’s creation, dwelling and expulsion from the Eden Garden; they also appear to be in consensus that Satan seduced the first parents of humanity, and led them to taste the fruit of the Forbidden Tree. Since then Satan and his accomplices rebel angels have been at war with the descendants of Adam and Eve from the time of their birth and blessings bestowed upon them by the Lord. Their Holy Scriptures also present almost the same description of the Noah’s Great Deluge, Abraham’s holy life, and the tales of the holy prophets including Jacob, Job, Joseph, Moses, David and the latter holy personalities. Somehow, they also observe imperative differences with one another in their fold; as the Jews do not consider Jesus and Muhammad as the prophets of God, and the Jews and Chris tians refuse to accept and admit the Holy Prophet Muhammad (peace be upon both of him) as the holy messenger sent by the same God, Who had appointed the earlier prophets for the guidance of humanity at large. The Jews did not view Jesus as the son of the Holy Virgin Mary, and blasphemously declare him as the son of some Joseph, to whom they maintain the belief that Mary was married. Consequently, the followers of all the three Abrahamic faiths have been at daggers drawn for centuries, and even seek the support of infidels and pagans in order to crush one another at any cost. The intensity of hatred among these religions has cost thousands of precious lives, and still rivalry between them seeks no ending altogether. By minutely studying and making comparison among the Leviticus 19 from the Old Testament, the Sermon on the Mount by Jesus Christ and the Last Sermon by the Holy Prophet Muhammad (peace be upon him), it becomes evident that their teachings appear to be the source of one a nd the same light, and also focus upon the same beliefs including worship of One God, obeying the parents, practicing nobility, chastity and graciousness to all humans without discrimination, paying charity, avoiding harm to others and looking after the fellow beings etc. However, instead of complying with the commands of their Scriptures, the followers of

Human resources management Staffing Essay Example | Topics and Well Written Essays - 500 words

Human resources management Staffing - Essay Example tional materials and evaluation framework has been a hindrance in the achievement of success but with proper knowledge and practice, success is guaranteed. In talent management, various aspects of business and employer interaction are considered. The entire management is specifically divided into four parts namely entry, retention, development, and performance. Entry mainly streamlines recruitment, selection, orientation, and placement to ensure that the best candidates are incorporated in the business and their potentials well tapped. Once the new employees are recruited, employee retention through the company culture and congruity in values between the company and the employees is necessary to ensure that the best environment is maintained translating to improved performance1. As an organization, our employees and we definitely have our goals. We usually strive very much in realizing them. Thus, in talent management, personal and organization development is realized by dividing the competencies into knowledge, skills, behavior, and attitude after which each employee is considered individual. In ensuring that the employees understand their roles, they should be clearly outlined. Positive reinforcement and feedback is necessary to ensure performance is improved. Moreover, there are persons whose performance is favored by the organization structure and culture. As a result, use of such personnel in acculturization is very effective. Who does not require success in whatever he is involved? Thus, implementation of talent management will ensure that success is achieved in this organization. It is true that weaknesses in talent management may appear due to an innovation or technological advancement. Other hindrance in achieving success includes systems and resources. In the recent past, various transformations have been done to ensure that seal talent gaps that may be evident in an organization. When sufficient funds are offered to talent management, then, leader

Cryptography and Computer Security Essay Example | Topics and Well Written Essays - 2250 words

Cryptography and Computer Security - Essay Example virus from which the computer needed protection. Issues continued to arise but the most serious problem came with the introduction of internet. Internet gave birth to many problems because the internet gave rise to many virtual access points. Access points are an entrance to every sort of information and along with the information that enters virus and other malwares can easily enter. This opened a gateway to many virus and unwanted material into the computer. In order to protect the computer from such threats many techniques and methods were adopted and up till now new techniques and soft wares are being developed to protect the computer. One such method of protecting data is cryptography. It was used to convert understandable data into data that cannot be understood. In the earlier years cryptography was used to protect and secure information and messages between important personnel but gradually cryptography began to be used for the protection and safety of all sorts of communicat ion and safe computing. CRYPTOGRAPGY Cryptography has generally been used widely and there are some keys that are written for public and the major reason is to protect the data that is being transferred that is why it usually remains a secret or a matter of confidentiality between the receiver and the sender. It is a matter of great concern for the government and especially the law enforcing agencies when the data is encrypted as they need to be better equipped with programs and software so as to be counter the encrypted data and be able to read it. This is the sole reason that previously there was such a hue and cry with relations to the matter of privacy. It was discovered that there was no mail or communication that was hidden from them. They had super software and super computers to help them decode the algorithms and be able to decipher it. Earlier in 2009 there a series of very serious attacks on various organizations like Yahoo, Google, Morgan Stanley, Juniper Networks, Syman tec, Dow Chemical and the Adobe Systems. It was an attempt to get hold and manipulate the SCM of these organizations. The SCMs were wide open for access and the organizations never thought of protecting them as they felt that it was safe. The SCMs are quite an important part of any programs as they help when the person is looking to restructure the programs or rewrite them for any changes that are required. The main reason for the attack was to modify the SCM and then re modify the programs to their own motives. This attack showed how vulnerable the SCMs were. The result of this attack was to encrypt the SCM so that even if anyone got hold of them they would not be able to modify it. The encryption codified the programming and thus it was useless until the person was an expert in the algorithms. The attack basically modified the file path and turned normal usable software into malwares. It was at first discovered by the Google blog and then as a result they put forward an ultimatum that this originated in china and if it is not taken care of Google would close its franchise in China. There were further algorithms that were released from time to time just to exploit the loopholes that existed in various very commonly used software and this was done by random programmers. Encryption helps prevent such attacks (Stallings, 2011). With the advent of

The Scorecard Measures between BSkyB and ESPN Essay

The Scorecard Measures between BSkyB and ESPN - Essay Example The viewpoints have been stated to be with regard to the domestic business processes and that of customers along with learning as well as progress. Therefore, the mentioned functions related to balanced scorecard facilitates the companies to constantly verify their financial outcomes while concurrently supervising the development related to constructing competencies accompanied with obtaining the insubstantial assets that are believed to be required for future development (Kaplan & Norton, 2005). The operational as well as the management control structures of majority of the companies are found to be centred on the financial dealings and aims. These financial measures have been observed to put up with minimum association of the company’s advancement towards attainment of the strategic goals in the long-run. Therefore, the prominence that is rested by majority of the companies on the financial initiatives is observed to leave behind a space among structuring an approach and its respective implementation. The application of balanced scorecard eradicates the necessity for the managers to utterly rely on the short-run financial initiatives for ascertaining the performance. The possible scorecard actions that could sensibly be applied by both the considered companies i.e. BSkyB and ESPN have been suggested below in four different heads: Financial Perspective This particular viewpoint i.e. the financial perspective is learnt to relate to the financial purposes that are yearned with regard to the viewpoint of the shareholders of an organisation. The initiatives related to the financial performance would help in defining the purposes of the organisations in the long-run. BSkyB needs to make investments in altering their programs and for the reason of introducing fresh ones in order to cater to the altering desires of the consumers. The investments will help the company to develop additionally in terms of their present market shares along with helping them to rea p benefits from the made investments in the future days. ESPN also needs to make investments in launching fresh channels which would aim at broadcasting a varied range of programs such as entertainment, music and movies encompassing the requirements of the various age groups of consumers. This will help the company to earn noteworthy returns which would further enhance the worth of the shareholders (Kaplan & Norton, 2005). Customer Perspective This particular step that is the comprehension of the vision of the company aids the managers to develop an agreement regarding the strategy and the objective of the companies. The vision of the company is believed and observed to revolve around their customers. Companies need to embark on such strategies that would be directed towards attaining the satisfaction of the customers. BSkyB should alter their programs in accordance with the changing trends in the desired pattern of programs by the consumers. A proper study needs to be conducted reg arding the demands of the consumers on the basis of

Critically explore the extent to which 'sustainable development' is a Essay

Critically explore the extent to which 'sustainable development' is a meaningful course of action or a case of 'business a - Essay Example This paper will critically explore the extent to which sustainable development is a meaningful course of action. It will begin by analyzing the term sustainable development, provide some background around the concept, and make progression towards finding gaps and flaws in the development of the term, its implementation, and theoretical framework. The term sustainable development appears to be so widely used that almost anything or anyone can jump on this bandwagon and use this term. Sustainable development is a term that is used by individuals, governments, and the different industries in the business sector. The idea of sustainable development is not new and has been around for much of humankind’s history (Redcliff, 1987). The application of this concept can be evidenced way back three centuries ago, in the work of Malthus during the 1700s, which has centered around population growth and on the demand that it causes on resources and natural environment. The use of the term in the modern era has become so wide that, in fact, an ordinary Google search returns over fifty million results. Allen and Hoekstra (1992) have gone as far as saying that most people are of the opinion that the term is advantageous. However, Fortune and Hughes (1997) view this concept as a meaningless notion, which centers to a western ethnocentric view with essence deficiency and is simply a paternalistic ideology. There are other schools of thought that describe the term as a paradigm (Daly and Townsend, 1992). However, in this sense it is though useful as it forms the basis of a methodology or theory that forms a conceptual framework for further development. According to Hopwood et al. (2005), there is a valuable potential shift in understanding humanity’s relationship with the environment. Sustainable development is a testament of humanity’s growing awareness of environmental, social, and economic problems that can affect the future of all humankind. The growing awa reness has been particularly prominent during the last one hundred years by growth oriented demand in economic terms, and the consequences that such an approach has on the environment and resource depletion (Dresner, 2002). The concerns became more prominent, following the publication of The Limits to Growth (Meadows et al., 1972), highlighting that with the current trends in population growth and development, the earth’s carrying capacity would be exceeded within 100 years from the time of the report. In spite of the many given descriptions of sustainable development, the term has remained a variable concept that has been subject to a variety of interpretations and definitions. The publication of the Word Conservation Strategy (IUCN) in the 1980's was one of the reports known to have provided the first definition of sustainable development. The publication caught the interest of many people including critics who have considered the definition as limited. According to them, t he given definition only pertains to a limited focus of ecological resource conservation, instead of involving the environment in conjunction with socio-economic issues. However, another prominent report seven years later by the World Commission on Environment and Development (WCED, 1987) that is entitled "Our Common Future," appears to have addressed this and specifically made a direct relationship between environmental, social, and economic dimensions. According to Lafferty and Meadowcroft (2000), the report is

Impact of the Sarbanes-Oxley Act on the Accounting and Auditing Essay

Impact of the Sarbanes-Oxley Act on the Accounting and Auditing Profession - Essay Example The unexpected corporate failures brought the integrity of the financial statement audit into question (Elson & Lynn, 2008). The apparent aim of the new law is to strengthen controls and strengthen compliance with disclosures, in order that the matter of corporate performance and financial condition be made more transparent to the investing public. The Act applies to all corporations registered with the Securities and Exchange Commission (SEC), otherwise known as public companies. The most important sections of the statute are those that require the establishment of the Public Company Accounting Oversight Board (PCAOB), Auditor Independence, and Enhanced Financial Disclosures. The impact of the new requirements listed is to strengthen the role and accountability of the internal audit function, in order that management and the board of directors may be held responsible â€Å"to vouch for accounting controls over financial reporting and disclosure weaknesses to shareholders† (Elson & Lynn, 2008:60). Prior to the implementation of the SOX, internal control was observed to be weak because of the weak internal audit performance, lack of independent directors, and inconsistency and general failure to hold the board of directors and internal audit committee accountable. While prior to the SOX, similar recommendations for chang e were already made by the Blue Ribbon Committee, compliance with these earlier recommendations was not as effective than that subsequent to the implementation of the SOX, mainly because of the absence of legal mandatory power of the Blue Ribbon Committee, in contrast with the requirements of the SOX which were legally binding (Lin, Kang & Roline, 2009:10). At least three studies have empirically determined the effect of SOX on the enhancement of internal audit and control by the management and board of directors. In the implementation of SOX, the Chief Audit Executive played an active leadership role in the implementation of SOX (Section 404), emphasizing on risk identification and control as well as remediation. Most reported increasing their resources devoted to corporate governance activities, including the review of ethics, business conduct, legal and regulatory compliance; audit resources were reported to have been increased (Patterson & Smith, 2007) by as much as 66% (Elson & Lynn, 2008). Significant changes were also made to the composition of the audit committee and the board of directors, which included: (a) an increase in the number of independent directors assigned to the audit committee as well as the board of directors; (b) a significant increase in compliance with the requirement that there should be at least four direct ors on the audit committee, as well as having six to fifteen directors in the board of directors; and (c) an increase in the overall average number of audit committee hearings (Lin, Kang & Roline, 2009). These changes pointed to not only formal but also substantial compliance with SOX requirements. Not all effects expected of SOX had materialized. A study of external auditors’ performance was conducted on the expectation that they had begun to exercise a greater conservatism and a more vigorous audit process prior to issuing going-concern or other qualified opinions. The study showed, however, that there had been no significant difference in the changes in the performance of auditor firms when comparing the pre- and post-SOX contexts (Ryu, Uliss & Roh, 2009). Furthermore, there are what are called â€Å"ripple effects,† such as (1) the negative influence on corporate acquisitions and mergers; (2) increased records-management requirements; (3) decreased

Similar Triangles Project Essay Example for Free

Similar Triangles Project Essay Introduction: In this project, I found the height of an object I chose based on how tall one of my partners is, how far away she is from the mirror, and how far the mirror was from the base of one of the objects. From there I set up a proportion and solved for X. X represented the unknown height of the chosen object. Once I figured this out I then converted to feet and compared that to my partners height to see if it was a reasonable or realistic height. Two-Column Proof: |Statements |Reasons | |The triangles are right triangles |Given—Mr. Visser told us that we can assume this | |Triangles are similar |If there exists a correspondence between the vertices of two | | |triangles such that two angles of one triangle are congruent to | | |the corresponding angles of the other, then the triangles are | | |similar. | Conclusion: In this project I learned that you can prove similarity in triangles even if you don’t know all of the angle measures and side measures. I thought it was interesting how in all of my objects my estimation on ratio’s from Dannie to the object, were usually fairly close to what it actually was. I liked in this project how we got to chose the things that we measure so there is variability between each group’s projects. One obstacle I ran into was the two column proof because at first I just couldn’t think of how to start, then I just tried the first thing that came to mind, and it ended up helping.

External And Internal Determinants Of Capital Structure Finance Essay

External And Internal Determinants Of Capital Structure Finance Essay 1: Introduction 1.0 Introduction The literature on capital structure theory has made significant progress after the trend setting publications of Modigliani and Miller in1958. After the publication of Modigliani and Miller research work, various researchers have developed theoretical models based on the balancing of tax effect and inefficient distribution of information. Recently, there are many models that focus on the relationship between product and market or the effect of a particular ownership structure on the capital financing decisions of a firm (Bhaduri 2002). These models have been developed pertaining to many different sectors of economy such as manufacturing by Long and Malitz (1985) and Titman and Wessels (1988). Miller and Modigliani (1966) tested these models in the context of power generating and electric companies, while Jensen and Langemeier (1996) have focused on the agricultural firms. Among the noteworthy models proposed by researchers, the static trade off theory carries the primary importance. Modigliani and Miller (1958) contended that the static trade off theory is based on the assumption of friction and information-wise perfect markets. They also proposed the irrelevance theorem which implies that the financing decisions of firms have nothing to do with the value of organisation and their cost of financing. Titman and Wessels (1988), Rajan and Zingales (1995) and Graham (1996) have conducted their empirical research to investigate the important determinants of capital structure proposed in the theoretical models by finance commentators. In the majority of research, they found that firms decisions to achieve the target capital structure are spontaneous. In the imperfect market, these target ratios are not instantaneous and incomplete while in perfect market, these financial decisions are perfect and spontaneous. It means that firms try to adjust their optimal capital structure spontaneously as the cost of capital varies in the market. Marsh (1982), Jalilvand and Harris (1984) found that the main impediments in the way of adjusting capital structure are the adjustments and transaction cost associated to market imperfections. These imperfections arise due to the inefficiencies in financial market such asymmetric distribution of information and transaction cost etc. These researchers have found that the firms financial decisions usually taken in a two step process. Marsh (1982) and Jalilvand and Harris (1984) explained that in the first step, a firm decide its target capital structure and in the next phase, it strives to attain that target. Spies (1974), Taggart (1977), Jalilvand and Harris (1984) and Ozkan (2001) stated that financial behaviour of a firm can be best described by the partial adjustment model. In this partial target adjustment model, it is assumed that a firm adjusts to the target capital structure spontaneously. One common attribute in the research is that the capital structure of a firm varies with the change in industry type. Even after the efforts of numerous researchers, no single universally accepted capital structure theory exists. There are also a comparatively small number of empirical researches conducted up till now on this topic. One possible reason for the small number of empirical research is the intangible and conceptual nature of determinants proposed by the authors (Titman and Wessels 1988). However, the available empirical research has focused on certain factors such as the size of firms; profitability and volatility of earnings before interest, tax and depreciations etc. These determinants came out after the studies conducted in the developed countries such as the United States (USA) and the United Kingdom (UK). After the integration of markets, it is becoming increasingly more important to study these markets to test the validity of these determinants. Because of the confl icting ideas pertaining to the financial behaviour of firms, it is important to have practical research based on theoretical foundations to establish a valid capital structure determinant model. 1.1 Objective This research paper will endeavour to determine the factors which serve as an impetuous for changing the capital structure of firms across the different industries operating in the United States of America (USA). The main objective of this research will be achieved investigating the relationship between following determinants; Capital structure and profitability Capital structure and tangibility Capital structure and economic growth of the country Capital structure and rate of inflation Another objective is to find and evaluate the impact of internal forces which play an important role in changing the capital structure of a firm. Literature Review: 2.0 Introduction This chapter attempts to establish the theoretical foundation of determinants of capital structure. First of all, the effect of different industry types on the capital structure has been given. Then the different capital structure theories have been described. After that, all the possible external and internal determinates of capital structure has been discussed. Lastly, the latest development in the macro and micro environment, which have significant bearing on the capital structure of a film, are discussed 2.1 External and Internal Determinants of Capital Structure In this time of financial distress, where many companies are facing impending bankruptcy because of the liquidity crunch and mismanagement of resources, it is imperative for financial managers to use the optimal mix of debt and equity in order to drive down the cost of capital and thereby increasing the profitability of their firms. Another impetuous for using optimal mix is that the financial analysts, investment houses, common stock buyers and bond rating bureaus usually compare the financial leverage of a firm with industry average figures before taking investment decisions (Moyer et al. 2009). Hence, it is in the very interest of a firm to decide its optimal capital structure in order to make its financial health more conducive to further investment by yielding handsome returns (DeAngelo and Masulis 1980). As per definition, capital structure of a firm is the mix of the total long and short term debt plus the total amount of equity (both preferred and common) which is raised by a company to finance its total capital requirements (Investopedia 2009). According to Brigham and Ehrhardt (2001), there are many internal and external factors which a financial manager has to be mindful of before chalking out business plans and policies. Similarly, decisions of capital structure are the outcome of many internal and external variables (Brigham and Ehrhardt 2001). External variables consist of many macroeconomic factors such Gross Domestic Product (GDP), unemployment, inflation, interest rates and tax policies etc (Besley and Brigham 2007). GDP is the accumulated market worth of finished goods and services produced within the boundaries of a country during a particular period of time, usually one year (Investopedia 2010). Nominal GDP (inflation not adjusted) should not be confused with real GDP (inflation adjusted) as the increase in nominal GDP (merely increase in prices) doesnt mean that country has made more money during a certain period (Investopedia 2010). Inflation means the rate of increase in the prices of goods and services over a period of time, usually measured by the Consumer Price Index (CPI) and GDP deflator (a ratio of nominal and real GDP) (Investopedia 2010). Some other important variables of macro economy are the economic growth, budget deficit and poverty. These macroeconomic factors indicate the aggregate economic performance of an economy (Investopedia 2009). As these macroeconomic factors are the result of many sub factors which collectively make a very complex economic system (Campbell, McConnell and Brue 2008). These factors, by nature, are out of the control of a firms manager so he/she cannot influence the determinants. They instead have to adjust the proportion of debt and equity according to their respective costs. Some other important external variables which affect a specific capital structure are the taxation, profitability, the interest expense, the effect of agency cost and the level of business risk faced by the company (Moyer, McGuigan and Kretlow 2009). Besides these external variables, there are many internal factors which a business manager has to consider before selecting a particular mix of debt and equity. These internal variables can be the industry specific variables such as the effect of seasonal levels of sales or these can be the internal to the firms such as the style and attitude of management. Entrepreneurial organisations, for example, have the tendency of taking bolder and riskier business decisions as compared to bureaucratic ones which shows more risk-averse behaviour. Among the most prominent internal variables are the level of profitability, degree of risk appetite of business managers and the tangibility of fixed assets etc. 2.2 Effect of industry type on the capital structure of a firm There are a lot of variations in the capital structure of firms across the different industries all over the world (Scott and Martin 1975). Capital structure of firms varies with the change in type of industries and even within the same industries (S. Titman 1984). It is evident from the Table 1 that the firms which are operating in the drugs and industrial machinery sector do not use a large amount of debt as compared to firms which are in the retail and utilities business (Brigham and Ehrhardt 2001). Some possible reasons are the uncertainties inherent in the research projects carried out by these firms or the chances of product liability law suits (Brigham and Ehrhardt 2001). Due to the low level of debt financing, these firms are also experiencing low level of financial distress (i.e. the times interest earned ratios are high) as compared to the other sectors as shown in table 1 (Brigham and Ehrhardt 2001). However, the firms which belong to the utilities sector usually rely heavily on debt financing which is evident from their common equity ratio as shown in table 1 (Brigham and Ehrhardt 2001). The major portion of total debt comprises of long term debt which they usually raise by issuing securities and mortgage bonds against their huge fixed assets (Brigham and Ehrhardt 2001). Another rational behind this phenomenon is the stable sales figures as compared to the other firms which have volatile sales (Brigham and Ehrhardt 2001). This factor enables these types of firms to use more debt financing because they can easily forecast the expected level of future sales and can have an optimal business risk (Brigham and Ehrhardt 2001). 2.3 Theoretical Foundations of Capital Structure Franco Modigliani and Merton Miller (famous as MM) (1958) are pioneers, having studied the impact of internal and external determinants on the capital structure of an organisation (cited in Bhaduri 2002). In the years since, there has been a large volume of research by many researchers to determine the individual effect of these environmental factors on the capital structure of a firm in different countries of the world (Al-Najjar and Taylor, 2008). Modigliani and Miller proposed that in a supposed no-competition world, the value of a firm is independent of its capital structure (cited in Bhaduri, 2002). Further they also assumed that their theory is valid under the assumptions of perfect competition, no taxation cost, not transaction cost. They also stated that the productivity of firms is not dependent on mode of financing (cited in Bhaduri, 2002). In the above mentioned scenario, internally generated sources of funds are almost the perfect substitute of external funds (Bhaduri, 20 02). Hence, companies are indifferent to the sources of financing. After the publication of their work, researchers have found some imperfections such as Kim (1978) introduced the idea of bankruptcy cost. The idea of facility of tax shield was introduced by DeAngelo and Masulis (1980) and the agency cost by Jensen and Meckling (1976). All these researchers agreed that the optimal capital structure is the most realistic solution to the capital structure dilemma faced by the todays firms. As the cost and benefits of leverage changes from one industry to the other, many previous researchers are of the opinion that industry must have significant impact on the capital structure of firms (Scott and Martin 1975). Every firm tries to chase the average industry ratios (Tucker and Stoja, 2007). Ang (1976) said that firms can only have an optimal gearing ratio rather an ideal universal ratio for all in the real world scenario. Remmers et al. (1974) agreed with the Ang (1976) by stating the gea ring ratio of firms varies with industries. They also said that firms that belong to the same industries face same environmental conditions which lead them toward common earning and sales patterns (Remmers, Wright and Beekhuisen 1974). Scott (1972) and Scott and Martin (1975) said that most of the firms tries to choose the gearing ratio that is appropriate to their risk/return profile and their inherent business risks. Antoniou et al. (2002) found that the UK, German and French firms continuously adjust their debt ratios according to the target ratio, but at their own rates which is contingent to whether they belong to the manufacturing or services sector. Bradley, Jarrel and Kim (1984) said that the agency cost and bankruptcy cost are just the partial determinants of leverage. It means that these factors also have impact on the capital structure of firm but in a less likely fashion. Many researchers endeavoured to tackle the issue of optimal capital structure (Bhaduri 2002). All these works have collectively contributed in the development of financial theory (Bhaduri 2002). In spite of all these efforts, there is no one comprehensive solution to the capital structure dilemma (Titman 1984). Moreover there have been very little practical evidence regarding determinants of capital structure till recently (Harris and Raviv 1991).The main reason behind this limited number of empirical research evidence on this topic is the abstract nature of determinant such as size of firms, their growth rates, intensity of capital, gross profits, volatility of future sales and free cash flows and the impact of taxation on changes in the capital structure of a firm (Harris and Raviv 1991). Another important issue is pertaining to the geographical locations that most of the available research works have focused on the United States of America (USA) market (Bhaduri 2002). Less economically developed countries (LEDCs) lag behind due to the neglected role of the private sector in the economic development of country and the limited sources of funds for the companies belonging to the LEDCs (Bhaduri 2002). 2.4 Main Factors Influencing the Capital Structure of a Firm The chief determinants of capital structure are the attributes and factors that have very significant impact on the leverage ratio of a firm. The following is the detail of the most relevant determinants of capital structure of a company. Asset Structure According to the agency cost and asymmetric information theories, the composition of tangible assets owned by a company greatly affects its capital structure (Jensen and Solberg 1992). Agency cost theory states that shareholders of a firm, which has high proportion of debt in its capital structure, have the intention to invest sub-optimally (Galai and Masulis 1976; Jensen, Solberg and Zorn 1992). A positive relationship has also been found between the collateralisable assets and debt structure of a firm. Another factor is the over consumption habit of business managers which ultimately reduces the value of a firm (Bhaduri 2002). Financial Distress If a firm is using a huge amount of debt and it has to pay heavy payments periodically, there is very high probability that it will go bankrupt in the case of falling revenues or future free cash flows (Brigham and Ehrhardt 2001). This implies that the firms, which are having volatile sales figures, usually use less debt financing in order to avoid probable financial distress (Ensen and Meckling 1976). Fear of bankruptcy forbade the firms to rely heavily on the debt financing (Bhaduri, 2002). Non-Debt Tax Shield DeAngelo and Masulis (1980) said that one of the firms objectives of using debt financing, is to avail the benefit of a tax shield because interest expense reduces the taxable income of a firm. So the firms which have a large non-debt tax shield are likely to use less debt financing. Size There are is large number of evidences that the firms which are large in size and well diversified are less likely to experience financial distress (Demsetz and Lehn 1985, Remmers, Wright and Beekhuisen 1974). This encouraged them to use relatively large amount of debt financing (Warner 1977; Ang and McConnell 1982). Age The age of firm is also a very pertinent factor that influences the firms decision about having a specific of capital structure (Scott 1972). Young firms are more intended to use debt financing because of the high appetite for risk taking and limited amount of information at hand (Scott 1972). So they find borrowing from banks a cheaper and convenient way as compared to use equity financing. Growth Fast growing firms experience a higher cost of agency problem as compared to the firms which not growing very fast. Bhaduri (2002) said that fast growing firms have more chances of adjustments in the coming years. Hence there is a negative correlation between the longer term debt and the future growth of a firm. Myers (1977) said that the short term debt is the remedy to this problem. By doing this, fast growing firms dont need to enter into long term debt contrast and can easily adjust their capital structure according to the requirements of growth and financial conditions (S. Myers 1977). Profitability If managers of a company are not capable and credible enough to convince venture capitalists to lend capital, they will preferentially rely on the internal sources of revenue (e.g. retained earnings) (Myers and Majluf 1984). Myers and Majluf (1984) noted that profitable firms usually have more money as retimed earning in order to invest in the growth projects. Hence there must be negative relationship between debt proportion and historical profitability of the company (Myers and Majluf 1984). Uniqueness It is found that the firms which are producing unique kind of products usually have low leverage ratio (Bhaduri 2002, Antoniou, Guney and Paudyal 2002). These firms face great difficulty in borrowing debt from the financial institutions because in case of liquidation, their assets cant be used for some other substitute purposes (Auerbach 1985). Industry effect It is one of the most important variables that affect the capital structure of firms (Harris and Raviv 1991). The companies which belong to those industries where there is greater degree of uncertainty in the research projects and expected future sales, they rely less on debt financing (Remmers, Wright and Beekhuisen 1974). Contrary to this, the firms which have more level of certainty in their future cash flows and huge amount of fixed assets, they intended towards more debt financing (Remmers, Wright and Beekhuisen 1974). Maksimovic and Zechner (1991) said that the diversity of technologies used by firms is also the key determinant of using their capital structure. They argued that the firms which are using multiple technologies have the facility of sourcing capital from various sources of financing (Maksimovic and Zechner 1991). Where these firms can raise their funds from multiple sources, they can also reduce their risk by spreading over the wide range of technologies (Maksimovi c and Zechner 1991). 2.5 Most Important Capital Structure Theories 2.5.1 Static trade-off theory This theory of capital structure assumes that company should pursue a financing mix where tax shield advantage should be equal to the interest rate expense, keeping the other factors constant such as credit crunch and probability of bankruptcy costs (Jensen and Meckling 1976). This theory mainly deals with the pros and cons of issuing fixed asset securities like debt (S. Myers 1977). It assumes that there exists an optimal point under which the value of the firm is maximized. This optimal point is achieved by balancing the benefits and cost of issuing more debt (Myers 2001). One of the main advantages of issuing more debt is to take the benefit of tax deductable. This simple benefit can be more complicated when manages and owners have to pay personal tax and the issue of an absence of tax shield (Myers 2001). Debt financing also reduces the chances of agency conflict (Maksimovic and Zechner 1991). The rational is that the use of debt reduces the amount of free cash flows at the dispo sal of managers and there reducing the chances of conflict between managers and shareholders (Jensen and Meckling 1976). 2.5.2 The Trade-Off Theory of Capital Structure The basic idea behind this theory is that a firm normally conducts the cost-benefits analysis before taking any decision regarding its capital structure (Tucker and Stoja 2007). It means that company will just rule out the possibility of convenience in this important financial aspect as stated by the pecking order theory (Jensen and Meckling 1976). In spite of criticism by Miller (who called it a comparison of horse and rabbit), the advanced dynamic model of this theory is very robust and practical (Tucker and Stoja 2007). 2.5.3 Pecking order theory The pecking order theory talks about the cost of asymmetric information (Myers and Majluf, 1984). It says that firms choose their sources of financing according to the rule of least effort or least resistance (Myers and Majluf 1984). This implies that the firms will choose the equity financing as a financing mode of last resort (Myers and Majluf 1984). According to this theory, firms will prefer debt financing as long as it is feasible and when it is no longer possible, then they will opt for equity financing (Myers and Majluf 1984). 2.6 Capital Structure and Financial Risk The Financial risk of a firm is the risk associated with a lack of a sufficient amount of future free cash flows in order to meet its short term obligations (Brigham and Ehrhardt 2001). In other words, financial risk also increases as the use of fixed income securities increases like preferred stock increases in the total financing of the firm (Harris and Raviv 1991). Brigham Ehrhardt (2001) asserted that as the amount of debt increases in the overall mix of capital structure, the degree of financial leverage increases. Financial leverage means that the total amount of debt that is used in the capital structure of a firm (Harris and Raviv 1991). Another related concept is that of operating leverage which means that the portion of fixed cost used in the total cost of production of a particular product or range of products (Moyer, McGuigan and Kretlow 2009). Investors are very much concerned about the financial risk of firms because this is the kind of additional risk which they have to bear because of debt financing besides equity, in the firms total capital structure (Brigham and Ehrhardt 2001). It is the main objective before the financial managers to design the capital structure so that the value of the firm is maximized and at the same time mitigate the risk at hand (Harris and Raviv 1991). To gauge the financial risk of a firm, Times Interest Earned (TIE) ratio carries special importance in the eyes of these investors (Besley and Brigham 2007). Times interest ratio is of immense importance to analyse the true interest cost coverage ability of a firm (Brigham and Ehrhardt 2001). TIE depends upon three important factors: the amount of debt in the total capital structure, the cost of debt and the profitability of the firm (Haugen 1995). Usually the industries which are less leveraged such as Drugs and electronics etc. have a very high TIE ratio (Brigham and Ehrhardt 2001). However, the firms which are in the business of retailing or utilities which rely more on debt financing, have low interest coverage ratios (see table1) (Brigham and Ehrhardt 2001).There are also variations in the capital structure of individual firms operating in the same industry due to the different attitude of managers and their particular risk/return profiles (S. Myers 1977). The firms where manger s are more aggressive and have high risk appetite usually use more debt financing than those firms where managers are risk-averse (Hull 2008). The tools used to find the optimal capital structure are EBIT/EPS Analysis and EPS indifference Analysis (Brigham and Ehrhardt 2001). 2.6.1 EBIT/EPS Analysis Earnings Per Share (EPS) of a firm vary with changes in the amount of debt in the capital structure of a firm (Warner 1977). Theoretically, as the amount of debt increases in the capital structure, the financial risk increases (Warner 1977). Because of this high financial risk, investment houses change higher interest rates for the further debt which ultimate increases the cost of capital for a firm (Brigham and Ehrhardt 2001). Surely extra amount of financial leverage increases the capability of a firm to earn higher earnings per share in the coming years (Jensen and Solberg 1992). Brigham Ehrhardt (2001), however, suggested that EBIT/EPS ratio should range from 0 to 5%. To find the exact point in this range, financial managers have to conduct an EPS indifference analysis. 2.6.2 EPS indifference analysis The purpose of this analysis is to find out the point where a firm is insouciant as to whether it uses debt or equity for the same ratio of EPS (Brigham and Ehrhardt 2001). Brigham and Ehrhardt (2001) found that a firm will report higher EPS at a low level of sales and firm is using the more equity than debt. On the other hand, an organization will experience faster increase in EPS with the increase in sales if a firm is using more debt than equity (Brigham and Ehrhardt 2001). The point worth noting is that if business managers are confident about a certain level of sales of their firm, they should go for debt financing and vice versa (Besley and Brigham 2007). Financial risk of a firm is usually measured by interest coverage ratio, fixed charge coverage ratio and longer debt ratios (Moyer, McGuigan and Kretlow 2009). These ratios are usually compared with industry average ratios to gauge the true financial health of a firm (Moyer, McGuigan and Kretlow 2009). These ratios are also compared to the previous years ratio of the same firm to determine the trend of firms performance over a period of time (Brigham and Ehrhardt 2001). The Financial risk of a firm depends upon a number of factors such as financial leverage, Operating leverage, expected future free cash flows and so on. Because of the intense competition and uncertainty in the market, it becomes essential for the finance executives of companies to manage the risk of their organisations by either diversification, adopting an optimal capital structure, or using the sophisticated derivative securities (Hull 2008). An optimal capital structure is to arrange the financial structure of the firm in such a way that minimises the weighted-average cost of capital and thereby maximises the value of the firms stock (DeAngelo and Masulis 1980). The dilemma here is that when a firm is trying to maximise its EPS by increasing the amount of debt, its financial risk also increases at the same time (DeAngelo and Masulis 1980). On the other hand, if a firm tries to minimise its financial distress, it has to reduce its financial leverage which ultimately hurts the EPS of the firm (Bhaduri 2002). Hence there arises the need of an optimal financial structure which increases the EPS of a firm and reduces its overall finan cial distress simultaneously (Bhaduri 2002). This choice of the optimal capital structure depends upon a number of factors such as the size of firm, its growth rate, cash flow projections and product and industry characteristics. (Bhaduri 2002). There is a school of thought advocating that derivatives are the most useful tool to hedge financial risks at the firms level (Jalilvand, Tang and Switzer 2000). Yet there is another group who believe that there are some alternative (i.e. using less debt financing) as compared to the typical hedging techniques available which can be used to reduce the financial risk at corporate level (Berkman, Bradbury and Magan 1997). From these studies, it is evident that managing the financial risk of firms is very important for firms in order to be competitive in the market place. Some companies have made internal risk management policies as part of their corporate business strategy (Maksimovic and Zechner 1991). Smith and Stulz (1985) commented on the goal of risk management in these words: The primary goal of risk management is to eliminate the probability of costly lower-tail outcomes those that would cause financial distress or make a company unable to carry out its investment strategy(p. 3 95). It is clear from the words of Smith and Stulz (1985) that the main goal of companies is to manage risk by either means. During the last decade, there has been a lot of research on the impact of industry in deciding the capital structure of firms (Booth, et al. 2001). Booth et al. (2001) studied whether the factors affecting the capital structure of firms are country specific or not. For this purpose, their study focussed on ten developing countries: India, Pakistan, Thailand, Malaysia, Zimbabwe, Mexico, Brazil, Turkey, Jordan and Korea. They reported that: In general, debt ratios in developing countries seem to be affected in the same way and by the same types of variables that are significant in developed countries. However, there are systematic differences in the way these ratios are affected by country factors, such as GDP growth rates, inflation rates and development of capital market (Booth et al. 2001 p. 118). The institutional owners who hold large amount of shares of a firm also play a very significant role in deciding the capital structure of these firms (Al-Najjar and Taylor 2008). As these owners have the right to elect the board of directors, they can influence the mangers of their firms to adopt specific risk management policies and finance capital in a certain and specific manner (Al-Najjar and Taylor 2008). 2.7 Financial market Dysfunction In developing countries, banks and other financial institutions are main sources that provide liquidity to the economic system by advancing credit to the films (Demsetz and Lehn 1985). In repressed financial system, banks provide short and medium term loans to the young and established entrepreneurs; while big and developed financial institution provide long term loans to the big corporation (Kester 1986). These loans are mostly given to the particular sectors of national economies such as agriculture and transport and housing (Antoniou, Guney and Paudyal 2002). Governments used to influence these commercial institutions to favour certain sectors and advance soft credit to the small industry (Leech 1987). Regularity agencies mostly restrict the banks from advancing credit to certain limits (DeAngelo and Masulis 1980). Antoniou, Guney and Paudyal (2002) said that the limitation on the financial institutions by the authorities result in the form of credit rationing. Another hu

Brand Loyalty Through Emotional Advertising Media Essay

Brand Loyalty Through Emotional Advertising Media Essay Many authors have discussed about what is emotional advertising and its importance over rational advertising but very little work has been done on building brand loyalty through emotional advertising. In this paper I will give a theoretical based view of how we can generate brand loyalty through emotional advertising. Plus what are the drivers of emotional appeal and how to achieve emotional satisfaction through advertising and its experience. Keywords: Emotional advertising, brand loyalty, drivers of emotional appeal, emotional satisfaction and experience Introduction McGuire (1969) argues that there is no difference between emotional appeals and rational appeals in terms of the effectiveness or emotional appeals are more effective. Holbrook and Hirschman (1982) suggested that emotional appeals come from the emotional, experiential side of consumption. Choi and Thorson (1983) found that emotional ads were better than rational ads by most recall measures. Emotional appeals make a brand liked or friendly (Batra and Ray 1985). Where, Kotler and Armstrong (1991, 426-427) define emotional appeal as an: attempt to stir up either negative or positive emotions that can motivate purchase. These include fear, guilt, surprise and shame appeals that get people to do things they should or stop doing things they shouldnt. Communicators also use positive emotional appeals such as love, humor, pride, hope and joy. An appeal, according to Manrai et al. (1992), is the basic idea behind an advertisement or the basic reason why an audience should act. Emotional appeals are often strategically employed to influence consumers indirectly and make the consumer feel good about the product (Calder and Gruder 1989) relying on feelings for effectiveness (Aaker et al 1992). When it comes to changing the message receivers beliefs about the advertised brand (Stafford 1993), Emotional appeal ads may have rational appeal components while rational appeal ads can have emotional appeal component respectively. Stafford (1993) suggests that both types of meanings occur in all ads and only case by case does the balance vary. However, Aaker, Stayman and Hagerty (1986) found a positive relationship between the level of warmth created by a commercial and the attitude toward the ad Page, Goldberg and Gorn (1987) also reported more positive reactions for emotional appeal advertisements than for informational appeal advertisements. Thorson and Heide (1990) also found that emotional advertisements may be more effective and memorable than rational advertisements. One of the most critical concerns advertisers express about television advertising is the potential decline of the persuasive impact on TV spots because of increasing clutters in the media environment. To make advertising appeals more distinctive and hence, perhaps more persuasive, advertisers frequently use dramatic emotional ads messages designed to shock the emotions and make the brain itch (Moore 1989) Such advertising executions often feature high impact, sensually evocative appeals that stimulate strong positive emotions (e.g., the Hallmark greeting card ads dramatizing precious moments and nostalgic memories in life). However, advertisers also employ graphic and sensational negative emotional advertising messages such as those used by insurance companies, healthcare institutions, drug and alcohol abuse clinics, food manufacturers exploiting consumers fears of cancer and cardiac diseases (Alsop 1988), and public service agencies making appeals to prevent child abuse or to promote the use of contraceptive devices (LaTour and Pitts 1989). I have gone through the definitions of emotional advertising from different authors given in different times. Their thoughts and findings are similar somewhat but also vary as the time changes, from these definitions we can get a clear view about emotional advertising and to some extend its importance. Emotional advertising leave a deeper effect and can persuade viewers immensely, but can emotional advertising also develop band loyalty? Very less work is being done from this perspective. I will talk about brand loyalty through emotional advertising and what are the drivers of emotional advertising. Emotional Advertising The human spirit is a rich reservoir of powerful emotions; Passion, ambition, vanity, love, desire, fear, hope and much, much more. Emotional advertising arouses these emotions to get our attention, to touch us more deeply and to persuade us more effectively. Emotional advertising discovers how a product truly fits into a persons life and how it satisfies an emotional need. When that truth is revealed and understood, it becomes possible to create a more honest, relevant and lasting relationship between the consumer and the product. Ideas and the executions that are conceived and created to awaken, stir and stimulate emotional responses produce advertising that is new, unexpected and audacious, advertising that is most persuasive and provides the greatest return on investment. Emotional Advertising drivers Emotions matter because if we do not have them, nothing else would matter (Elster 1999) To make an ad impactful one should be very careful while choosing the drivers because these drivers are the soul of the ad, only wisely chosen drivers can make an ad generate brand loyalty through its experience. In my opinion the basic drivers of emotional appeal are given as under: Figure shows Drivers of Emotional Appeal Brand Loyalty through Emotional Advertising Basic purpose of emotional advertising is to engage more and more viewers into the ad and ultimately influence them to buy the product. As we know that marketings basic function is to target the need of people while emotional appeal aim the hidden feelings behind that need, and then eventually through this we can create brand loyalty. Figure 2 shows brand loyalty through emotional advertising Emotional Satisfaction through Advertising and Experience Future belongs to emotional advertisement. Most of the advertisers try to find out those minor points which were never taken out before, they seek to create something new which is not new and they try to explore that side of emotions that have yet not being tested. The best strategy is to blend emotional appeal with rationale appeal, but in this more percentage is of emotional appeal and less is of rationale appeal. As we have discussed earlier that emotional appeal is to target the hidden emotion of the viewer and then relate it with the advertised product. Emotion is very important is advertising, here we take an example of Dove. When dove started is Campaign for Real Beauty theme is 2004. Prior to this time, the brand communicated largely rationale benefits, such as its moisturizing properties and mildness. It mainly used testimonial-style advertising, but, with little sense of uniqueness, vibrant or conceiving personality, its growth was limited. The Campaign Real Beauty aimed to build the brand at an emotional level by conveying a more self-governing, independent, natural and iconic vision of beauty. In doing so, Dove made women who were tired of trying to live up to the idealized and unachievable standards shown by other brands. Almost overnight, Dove changed from being dull and inactive into a highly distinctive and admired brand with a resulting huge uplift in sales across its entire range and finally it paid off in the shape of growth of its brand loyalty. Future Research

Is The African American Family Slowly Disintegrating? Essay -- Family

Is The African American Family Slowly Disintegrating? America, as we know it today, is composed of an eclectic mix of cultures including African, Asian, Hispanic, Native American as well as diverse European cultures. These cultures have amalgamated in some ways, but in other ways certain cultures have established themselves as dominant, immensely contributing to the paradigm shifts in the American culture. The English language, for example, is the language that is prevalently spoken in the United States today; it is traditionally associated with the Yankees who have European descent. Of particular interest in this research, however, is the African component of American culture. Why, for example, don’t Americans speak Portuguese, the language that most of the African Slaves were familiar with? After their emancipation, were the black slaves incapable of propagating their own culture to their children and their children’s children? Are they an inferior race? Or are they simply unmotivated and unwilling to rise above their de spondency? These are some of the questions that this research attempts to investigate. It is a well known fact that social, economic and political ills continue to beset the African American family in all walks of their lives. They constantly experience racial discrimination, unemployment, and various forms of violence. Numerous reports indicate blacks as the perpetrator of crimes. They are faced by issues such as welfare, illegitimacy, a large number of children and, the resulting cycle of poverty (Newman, 150). The figures and the statistics speak for themselves making us all too aware about the plight of the blacks in America. In light of all this, a pertinent question arising from this would be â€Å"when ... ...se trap, it won’t matter whether you are black or white. People will buy it.† Secondly, a concerted effort by all Americans should be put in place to uplift the blacks socially, economically and politically by affording them equal opportunity, completely stamping out racism in the community and by fostering the learning of young African Americans. Without this, the rich will get richer while the poor will get poorer, meaning that any economic development will be nullified by an increasing crime rate and the society will, as a result, remain stagnant. Sources: Newman, D.M. 1958, 2002. â€Å"Sociology of Families.† Thousand Oaks, California: Pine Forge Press, C2002. Wikepidia Encyclopedia: http://www.fact-index.com/s/sl/slavery.html Father John Hardenbrook.The Christian activist, â€Å"A Journal of Orthodox Opinion†: http://www.thechristianactivist.com/vo9/V9Maction Is The African American Family Slowly Disintegrating? Essay -- Family Is The African American Family Slowly Disintegrating? America, as we know it today, is composed of an eclectic mix of cultures including African, Asian, Hispanic, Native American as well as diverse European cultures. These cultures have amalgamated in some ways, but in other ways certain cultures have established themselves as dominant, immensely contributing to the paradigm shifts in the American culture. The English language, for example, is the language that is prevalently spoken in the United States today; it is traditionally associated with the Yankees who have European descent. Of particular interest in this research, however, is the African component of American culture. Why, for example, don’t Americans speak Portuguese, the language that most of the African Slaves were familiar with? After their emancipation, were the black slaves incapable of propagating their own culture to their children and their children’s children? Are they an inferior race? Or are they simply unmotivated and unwilling to rise above their de spondency? These are some of the questions that this research attempts to investigate. It is a well known fact that social, economic and political ills continue to beset the African American family in all walks of their lives. They constantly experience racial discrimination, unemployment, and various forms of violence. Numerous reports indicate blacks as the perpetrator of crimes. They are faced by issues such as welfare, illegitimacy, a large number of children and, the resulting cycle of poverty (Newman, 150). The figures and the statistics speak for themselves making us all too aware about the plight of the blacks in America. In light of all this, a pertinent question arising from this would be â€Å"when ... ...se trap, it won’t matter whether you are black or white. People will buy it.† Secondly, a concerted effort by all Americans should be put in place to uplift the blacks socially, economically and politically by affording them equal opportunity, completely stamping out racism in the community and by fostering the learning of young African Americans. Without this, the rich will get richer while the poor will get poorer, meaning that any economic development will be nullified by an increasing crime rate and the society will, as a result, remain stagnant. Sources: Newman, D.M. 1958, 2002. â€Å"Sociology of Families.† Thousand Oaks, California: Pine Forge Press, C2002. Wikepidia Encyclopedia: http://www.fact-index.com/s/sl/slavery.html Father John Hardenbrook.The Christian activist, â€Å"A Journal of Orthodox Opinion†: http://www.thechristianactivist.com/vo9/V9Maction

Essay on Whartons Ethan Frome: Nature -- Ethan Frome Essays

Nature in Ethan Frome Every winter frigid white bullets, squalling gusts, and icicle shards swaddle the town of Starkfield in a frosty white glaze. It is easy to understand why the people emerge from this six month siege like starved troops capitulating without shelter. Most people evacuate the premises immediately after suffering through a devastating winter, but not Ethan Frome. Circumstances hindered the flight of this man. As one retired stage driver remarked, "Guess he's been in Starkfield too many winters. Most of the smart ones get away." The statement by Harmon Gow, a resident of Starkfield, relates to Ethan Frome, the protagonist of the novel, Ethan Frome. This book pieces together the enigmatic life of a man bound by the shackles of silence and isolation. By deftly heightening suspense and foreshadowing plot, Edith Wharton explores nature's degeneration of human spirit and vitality. Mr. Gow's quote delves into two integral aspects of the book: how the unrelenting blows of nature corrode, yet intertwine with man's spirit, and how the seas... Essay on Wharton's Ethan Frome: Nature -- Ethan Frome Essays Nature in Ethan Frome Every winter frigid white bullets, squalling gusts, and icicle shards swaddle the town of Starkfield in a frosty white glaze. It is easy to understand why the people emerge from this six month siege like starved troops capitulating without shelter. Most people evacuate the premises immediately after suffering through a devastating winter, but not Ethan Frome. Circumstances hindered the flight of this man. As one retired stage driver remarked, "Guess he's been in Starkfield too many winters. Most of the smart ones get away." The statement by Harmon Gow, a resident of Starkfield, relates to Ethan Frome, the protagonist of the novel, Ethan Frome. This book pieces together the enigmatic life of a man bound by the shackles of silence and isolation. By deftly heightening suspense and foreshadowing plot, Edith Wharton explores nature's degeneration of human spirit and vitality. Mr. Gow's quote delves into two integral aspects of the book: how the unrelenting blows of nature corrode, yet intertwine with man's spirit, and how the seas...

Social Structure and Its Effect On Our Lives Essay -- Sociology Cause

Social Structure and Its Effect On Our Lives Social structures are constraints that affect the lives of both the affluent and the indigent members of society.   Each society has its own set of social arrangements for example; class, gender and ethnicity are all constraints that each society has to deal with in one way or another.   One of the most fundamental of the social structures would be class.   Class structure is found in all societies and is the key source of economical inequality.   Members of different class groups start their lives with unequal opportunities.   This means that when someone is born into a poor household    they will undoubtedly remain in the same economical situation they began in.   Gender is another important issue when regarding structures.   For years women have struggled to be accepted into the workforce and although there have been many improvements on the treatment of female employees there is still a long way to go to reach equal opportunities.   Ethnicity has a strong bearin g on what we can achieve in life by greatly affecting our place in the labour market.   Although Australia is a multicultural society life chances for Australia's own migrants are still less than adequate when it comes to being treated fairly in the workforce. Social structure is created by the distribution of wealth, power and prestige.   The social structure consists of taken for granted beliefs about the world and both constrain and regulate human actions.   The social structure consists of substructures such as class, gender and ethnicity.   These groups are formed within society; each group shares common attitudes, values, social norms, lifestyle and material goods.   People within society stay within the guidelines of the soc... ...s and Gender in Australia, George Allen & Unwin, Noth Sydney. Broom, D., 1988, `Gender and Health', in Second Opinion: An Introduction to Health Sociology, ed.J. Germov, Oxford University Press, Melbourne. Cohen, Y. A., 1961, Social Structure and Personality. Holt, Rinehart and Winston, New York. Graetz, B. & McAllister, I. 1994, Dimensions of Australian Society, 2nd edn, Macmillan Education, South Melbourne. Jones, F.L., 1993, `Unlucky Australians: Labour market outcomes among Aboriginal Australians', Ethnic and Racial Studies, vol. 16, no. 3. McGregor, C., 1989, `Class', in Four Dimensional Social Space, eds T. Jatenburg & P.D'Alton, Harper & Row, Sydney Wesolowski, W., 1979, Classes, Strata and Power. Routledge and Kegan Paul, London Van Krieken, R., et al. 2000, Sociology: Themes and Perspectives, 2nd edn, Pearson Education, Frenchs Forest.

Investigation into transition metals as catalysts Essay

Hydrogen peroxide decomposes slowly to form water and oxygen gas. Transition metal oxides will catalyse this reaction. A catalyst speeds up a reaction without being used up. The best catalyst for a reaction increases the rate of reaction the most. The rate of reaction can be measured by the amount of product formed divided by the time of the reaction. If 40 ml of oxygen were produced in 30 seconds (0. 5min), then the rate of reaction would be 80 ml/min. Planning- the apparatus available will be: 20 volume hydrogen peroxide solution (irritant), copper dioxide (harmful), iron oxide, manganese dioxide (harmful), spatulas, ele4ctronic balance, measuring cylinder, trough (water bath), stop watch, thistle funnel, delivery tube, bungs to take funnel and tube, boiling tubes. Safety Precautions   Wear goggles.   Make sure that the hydrogen peroxide does not make contact with skin and/or hair.   Wipe bench thoroughly after experiment. Variables Each catalyst should be tested twice, however the catalyst should be altered after each experiment. Constants. Volume/concentration of hydrogen peroxide (10cm3 of 20 vol. hydrogen peroxide + 10cm3 of water).   Amount of each catalyst (1g).   Time left for/intervals at which gas is measured (every 5 seconds for 50 seconds).   Same general apparatus. NB. Wash apparatus after each experiment. Measurements The volume of gas (oxygen) produced will be measured during each test at 5-second intervals- this will be done by measuring how much water is displaced in the measuring cylinder by the gas. Each catalyst will be tested twice, and the test will last for 50 seconds on each occasion. Results Manganese. Time (secs) Experiment 1 (vol. of Oxygen cm3) Experiment 2 (vol. of Oxygen cm3) Average (vol. Of Oxygen cm3) Copper Time (secs) Experiment 1 (vol. of Oxygen cm3) Experiment 2 (vol. of Oxygen cm3) Average (vol. Of Oxygen cm3)   Iron Time (secs) Experiment 1 (vol. of Oxygen cm3). Experiment 2 (vol. Of Oxygen cm3) Average (vol.Average rate of reaction Average rate= volume/time=†¦.. cm3/sec Manganese dioxide= 96/40= 2. 4 cm3/sec. Copper oxide= 27/50= 0. 54 cm3/sec. Iron dioxide= 27/50= 0. 54 cm3/sec. 20 vol. of hydrogen peroxide means that each cm3 gives off 20 cm3 of oxygen gas. We diluted it to 10 vol. Using water and so we would have expected 100 cm3 of oxygen. Hence manganese dioxide as well as being the best catalyst also caused more hydrogen peroxide to break down. Evaluation Although the results obtained were fairly good, there were quite a few problems during the experiment, which affected them. These were:   It was difficult to fill the measuring cylinder with water, as well as insert it into the trough (water bath) without any escaping and creating difficulties in measuring the gas produced.   The largest measuring cylinder was only 100 cm3. This was very relevant as one of the tests for manganese dioxide exceeded 100 cm3 in gas produced, therefore a larger cylinder was needed. The catalysts were very fine powders, which made it difficult to measure out exactly 1g.   When gas was being produced and coming off fast, it was difficult to read the measurements accurately as the surface of the water wasn’t steady. (It was also difficult when a gas bubble came up while the gas volume was being measured). In act to improve the experiment and thus make the results more accurate, the following could have been done: A wider measuring cylinder used so that gas being produced rapidly would not disturb the water surface as much, making the volume of gas easier to measure. A larger measuring cylinder used so that gas volumes exceeding 100 cm3 could be measured and therefore the results not interrupted with.   Repeat testing (i. e. 3 tests for each catalyst) carried out so that there is less room for error whilst obtaining results. This would also make them more reliable. When the results were obtained, there were some noticeable abnormalities i. e. anomalous results. These were; the measurement of gas after 5 seconds when testing iron dioxide, and the tests when using manganese dioxide. This was because when manganese dioxide was being tested, there were large differences in measurements at each time interval, therefore experimental errors must have occurred (after 40 seconds on the first test, the gas volume also exceeded 100 cm3, whilst in the second test this did not happen until after the 50 second limit). The other anomalous result was when testing iron dioxide, as after the first 5 seconds, there was a large difference in the volume of gas between the 2 tests carried out (30 cm3 : 20 cm3). The cause of these anomalous results is most likely related to the surface area of the catalyst in correlation with each test carried out i. e. the powdered catalyst may have been slanted up the boiling tube during one test, but not on the other, resulting in different surface areas. Shaking the boiling tube before each test and/or using a wider testing tube, could have however prevented this. From the results obtained, you can also not definitely state the best catalyst for his reaction, as all 31 transition metals were not tested. Therefore to extend this investigation to find the best catalyst for producing oxygen gas from hydrogen peroxide solution, all the transition metals could have been tested as well as repeat tested for verification. This, in conclusion, would have found the best catalyst for this particular reaction.   Daniel Powell. 10k. 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Study Case Marketing About Harmonix

CASE STUDY HARMONIX Harmonix is a caller originally founded by Alex Rigopulos and Eran Egozy, they were the original developer of guitar friend series, the idea was originally create nigh manifestation software with the vision of providing a different way for battalion without harmony training or talent to go out the joy of contend and creating music. One of the well-nigh successful product that was produced by hamonix were guitar hero sandwich series, which subsequently became the fastest videogame in fib to top 1 billion dollars average in north America. . )What marketplaceing ism did harmonix use at first and how did their ism change? * The Marketing management ism utilize Harmonix, at first, was production oriented. The companion focused on some demo software they had created in 1995, and the alliance focused on the internal capabilities rather than the wants or needs of customers. Then they tried the get a product by persons who wants greet that bequeath f eel be a rock star and decide to take on with their customers, changing their philosophy to the market orientation.Since 2004 the familiarity searched for the wants and likes of the customers creating products such as the microph unrivaled in karaoke Revolution, and in 2005 Guitar hero. This means that the company took actions by creating products to deliver and yield value to customers. The company seeks to satisfy needs , wants and likes of the customers with their products. S. W. O. T. STRENGHT * Innovation in the sector of video games * Strong soil image * Quality of the product (reality, sound, image) * Their games draw out an an unseasoned(prenominal)(prenominal) experience that the consumers wants WEAKNESS * heights prices Focus except in people with middle and higher incomes * Focus only in the music and entertainment market OPPORTUNITIES * New markets (games experiences) * New ways of publicize exploitation internet THREAD * change magnitude competitors * Indirec t competition from other substitutes (other experiences with action games) * Changing market experiences * Illegal downloading and plagiarism * Global economic conditions MARKETING blend in PRODUCT like any other products have a life cycle, which begins at the time of its release, continues its growth and maturity, and finally goes into decline.They moldiness understand each of the phases for the design, or strategies aiming at the attraction of video games to boost gross revenue, it is for this savvy that was listed as the fastest and most sales in history. PRICE their units were sold at a higher price than other products on the market. By having so a great deal market acceptance, Harmonix knew that despite the increase in their cost, their game was going to be one of the most competitive the problem was that these prices elapse out the people with low incomes, which is a big part of the market.DISTRIBUTION still retains its available autonomy, good budget for product supp uration and licensing of music for their games. With its software can provide basic kinds of musical composition as an attribute to the participants of the game, so caperding institutionalise for their internal costs and seek adjustments in the bid as and distribution consumer needs. publicity this company provides advertising that discloses a new way to experience the joy of playing and creating music through video games.Sales staff often plays an important role in word of public relations, Also they used a different way of advertising, using demos, tournaments with huge rewards that motivated the gamester to buy the game. ratiocination * In conclusion this company project their evolution , through the time since that Harmonix runner when was had created in grad school in 1995. Even now when this company developement fun and extraordinary videogames and one philosophy that will could satisfy the needs , wants and likes of their customers.Related mooring Advantages and Disadv antages of Administrative Management

How is Stanhope Represented in the First Two Acts of ‘Journey’s End’?

Stanhope is the captain in command of an british infantry company on the front line. Although he is a highly ranked officer, late Stanhope is still only a boy. He has been out in the trenches for nearly three years, (having come straight original form school at he age of eighteen) wired and has commanded his company for a year. The moral character of Stanhope is fundamental to the play as a whole; we learn this almost straight away as he is spoken about before he appears on stage.Additionally, it is referred to as the Israelite period.Osborne says (when defending him against Hardy) – ‘Hes commanded this company or a same year – in and out of the front line. Hes never had a rest. Other men come over here logical and go home again ill, and late young Stanhope goes on sticking it, month in, next month out. ‘ He is precise and meticulous in his official duties as captain.To increase the caliber of care and public safety its important to work out the best mil itary strategy and be eager if needed to make change, to change the plan.

Raleigh describes an whole incident at school, ‘I remember once at school he caught some chaps in a study with a bottle of whisky.Lord! the flat roof nearly blew off. He gave them a dozen each with a class cricket stump. ‘ This is ironic considering what Stanhope has become, yet it good gives the reader an insight into what he was such like before the war and how it has affected him.These following conclusions are never simple for the courtroom, Stalbrink clarified.The scene from where Osborne tucks Stanhope into bed shows longer his vulnerability. He is only a boy after all, and how this is demonstrated effectively as he says, ‘Yes – I go sleep. ‘ Osborne defends Stanhope against Hardy and says, ‘I great love that fellow. Id go to own hell with him.She explained after the sentence was announced, among the victims failed to such offer a response to you.

He has a less real sense of decency, evident throughout the two acts. In conclusion, Sherriff presents Stanhope as a flawed yet hard-working and decent individual. Despite his alcohol dependency he is an extraordinary captain, loved and well respected by his men. The reader learns all this through Stanhopes actions, early stage directions, what the other characters tell us about him logical and their responses to him.Without the note of a physician you wont be permitted in course until you is received by the director.Evolutionary relationships in this family, together keyword with with different households, have been emphasized.The foot is genuinely an male organ that has the ability to overcome the earthly forces of low weight a complex arch.

A number of the aforementioned structures stay extant or are websites.Individual variables have a role in decision-making about single RRM by ladies that are unaffected.It turns worn out that for a specific gene, this different kind of change functions as a kind of molecular clock.From beginning to complete this publication is hilarity and pleasure.