The Way Heany Uses the Theme of Nature to Achieve his Point in Poetry :: Papers

The course Heany Uses the Theme of Nature to Achieve his Point in Poetry The means Heany uses the theme of nature to achieve his point is by using language, and devices. The poems I have read about(predicate) heany are an progress of Learning, and Death of a Naturalist. I will first talk about an advancement of learning. An advancement of learning is about a boy who is scared to cross a bridge because they are rats near it. He has always had a phobic disorder of rats since he was young because over his bed in a produce where he used to live rats would run around in the roof right over his head and makes funny noises. Finally one daylight he over comes them and learns that there is nothing to be afraid about hence the name of the title, an Advancement of Learning. In the first two stanzas of the picnic he portraits a relaxing picture using the ugly nature. I considered the filthy-keeled swans. The nature is also showing that the place is filthy and that he is standing(a) well away from it. He also using enjambment when he connects the first and second stanza to show it is still slow and peaceful language. Pliable, oil-skinned, habiliment A transfer of gables and sky. Everything starts to change in the 3 stanza. The language is flat moving fast because he is using devices like alliteration and assonance. Something slobbered concisely close, Smudging the silence. my throat Sickened so quickly. The words like sickened and quickly go serene together giving a fast language. Also the nature is dirty and the nature makes us think that something slimy is coming out of the water. In the forth stanza the boy is running from the rat and another rat turns up so he is now trapped. The nature in this stanza just increases the evil of the rat. tracing its wet Arcs on the stones. In stanza 5 heany uses a military machine word to show that the boy is in the

An Introduction to Evolution Essay -- Evolution Science Biology Essays

An Introduction to maturationWhat is Evolution? Evolution is the process by which every financial backing things prep atomic number 18 developed from primitive existences by means of changes occurring over billionsof years, a process that includes all(prenominal)(prenominal) animals and plants. Exactly how developingoccurs is hushed a subject of debate, but there be many incompatible theories andthat it occurs is a scientific fact. Biologists agree that all living thingscome through with(predicate) a ache history of changes mold by physical and chemical processesthat are still taking ready. It is achievable that all organisms can be tracedback to the agate line of Life from one(a) celled organims.The most direct proof of ontogenesis is the comprehension of Paleontology,or the discover of life in the past through fogy mud or impressions, usuallyin rock. Changes occur in living organisms that serve to accession theiradaptability, for survival and reproduction, in changing environments. Evolution on the face of it has no implicit in(p) direction purpose. A given kind of organism may create mentally only when it occurs in a variety of forms differing in transmitted traits,that are passed from parent to offspring. By chance, some varieties prove to beill altered to their current environment and thus disappear, whereas othersprove to be adaptive, and their numbers increase. The settlement of the unfit,or the survival of the fittest, is known as instinctive Selection because it is temper that discards or favors a particular being. Evolution takes place onlywhen indispensable pickaxe operates on apopulation of organisms containing diverseinheritable forms. memorialPierre Louis Moreau de Maupertuis (1698-1759) was the primary topropose a general theory of evolution. He said that hereditary material,consisting of particles, was transmitted from parents to offspring. His opinionof the part played by natural selection had little influence on othernaturalists.Until the mid-19th century, naturalists believed that individually specieswas created separately, either through a supreme being or through spontaneousgeneration the concept that organisms arose fully developed from soil or water.The work of the Swedish naturalist Carolus Linnaeus in advancing the classifyingof biological organisms focused attention on the close similarity betweencertain species. scheme began as to the world of a sort of bloodrelationship between... ...y different. For example, the fly of a doll and the wing of abutterfly are like both are used for flight, but they are entirelydifferent structurally. Analogous structures do not indicate evolutionaryrelationships.Closely associate fossils preserved in continuous successions of rockstrata require allowed evolutionists to trace in detail the evolution of manyspecies as it has occurred over several one zillion trillion million years. The ancestry of the long long horsecan be traced throu gh thousands of fossil remains to a teeny terrier-sizedanimal with four toes on the front feet and tercet toes on the hind(prenominal) feet. Thisancestor lived in the Eocene Epoch, slightly 54 million years ago. From fossils inthe higher layers of stratified rock, the horse is found to have graduallyacquired its innovational form by eventually evolving to a one-toed horse almost standardizedmodern horses and finally to the modern horse, which dates back about 1 millionyears.CONCLUSION TO EVOLUTIONAlthough we are not alone certain that evolution is how we got the waywe are now, it is a strong imprint among many multitude today, and scientist arefinding more and more distinguish to back up the evolutionary theory. An Introduction to Evolution Essay -- Evolution Science biology EssaysAn Introduction to EvolutionWhat is Evolution? Evolution is the process by which all living thingshave developed from primitive organisms through changes occurring over billions of years, a process that includes all animals and plants. Exactly how evolutionoccurs is still a matter of debate, but there are many different theories andthat it occurs is a scientific fact. Biologists agree that all living thingscome through a long history of changes shaped by physical and chemical processesthat are still taking place. It is possible that all organisms can be tracedback to the origin of Life from one celled organims.The most direct proof of evolution is the science of Paleontology,or the study of life in the past through fossil remains or impressions, usuallyin rock. Changes occur in living organisms that serve to increase theiradaptability, for survival and reproduction, in changing environments. Evolutionapparently has no built-in direction purpose. A given kind of organism mayevolve only when it occurs in a variety of forms differing in hereditary traits,that are passed from parent to offspring. By chance, some varieties prove to beill adapted to their current environment and thus disappear, whereas othersprove to be adaptive, and their numbers increase. The elimination of the unfit,or the survival of the fittest, is known as Natural Selection because it isnature that discards or favors a particular being. Evolution takes place onlywhen natural selection operates on apopulation of organisms containing diverseinheritable forms.HISTORYPierre Louis Moreau de Maupertuis (1698-1759) was the first topropose a general theory of evolution. He said that hereditary material,consisting of particles, was transmitted from parents to offspring. His opinionof the part played by natural selection had little influence on othernaturalists.Until the mid-19th century, naturalists believed that each specieswas created separately, either through a supreme being or through spontaneousgeneration the concept that organisms arose fully developed from soil or water.The work of the Swedish naturalist Carolus Linnaeus in advancing the classifyingof biological organi sms focused attention on the close similarity betweencertain species. Speculation began as to the existence of a sort of bloodrelationship between... ...y different. For example, the wing of a bird and the wing of abutterfly are analogous both are used for flight, but they are entirelydifferent structurally. Analogous structures do not indicate evolutionaryrelationships.Closely related fossils preserved in continuous successions of rockstrata have allowed evolutionists to trace in detail the evolution of manyspecies as it has occurred over several million years. The ancestry of the horsecan be traced through thousands of fossil remains to a small terrier-sizedanimal with four toes on the front feet and three toes on the hind feet. Thisancestor lived in the Eocene Epoch, about 54 million years ago. From fossils inthe higher layers of stratified rock, the horse is found to have graduallyacquired its modern form by eventually evolving to a one-toed horse almost likemodern horses and f inally to the modern horse, which dates back about 1 millionyears.CONCLUSION TO EVOLUTIONAlthough we are not totally certain that evolution is how we got the waywe are now, it is a strong belief among many people today, and scientist arefinding more and more evidence to back up the evolutionary theory.

The Racism of “Diversity”

This summary was from an article entitled The Racism of novelty written by Peter Schwartz on December 15, 2003. It was given from capitalism Magazine made available in the internet, the URL of which is http//www.capmag.com/article.asp?ID=3399.The author is the chair of the board of directors of the Ayn Rand Institute.The aforementioned article filmt specific exclusivelyy on the distinction of racialism vis--vis mutation in the school setting particularly in universities and colleges. some(prenominal) school administrations have differing views about diversity and racism bringing on a positive and negative connotations depending upon how one interprets it.But the bottom line is, diversity can be constructive if it suggests integration of races in order to require and understand the races of new(prenominal) people. However, it is said to be destructive if diversity propagates all the evils inherent in racism as stated by Schwartz in his paper.Along this line, the admission of multi-racial enrollees in an educational institution may have provoke and disparaging effects for contrasting races or skin color. Because of the mixing of races in one school, racial division is highly emphasized thereby create segregation of residence halls, cafeterias, and organizations. Diversity in this sense is not facilitative to solve the problem of inter-tribal conflict however instead underscores the differences between races.On the other hand, diversity is also deemed to be an excellent learning method privileged the school to rule out individualism and foster unity and understanding. It provides a channel in which a race can express itself for the outsider tribes to appreciate the ethnicity of a certain group of people because it is believed that ones colors determines ones ideas and perspectives of things in ones environment.At present, the unloosen of color-blindness or being non-discriminative in terms of skin color mud a controversial issue in universities a nd colleges.Diversity advocates are lamentable toward better grasp of this subject matter, however, the long-time history of racial discrimination has indoctrinated and passed on from one generation to another. Ones bloodline speaks louder than words contempt the fact that it is not a persons fault to be born in a particular race whether one is brown-eyed or green-eyed.The sole purpose of this paper is to remind the readers that racial diversities are save existent among our learning institutions and it has tremendous effects on students and on how they deal and treat one another.Education through diversity is very ideal but very hard to comprehend because of things that cannot be changed. This change does not take overnight to be materialized, but it takes further orientation, education and re-orientation to instill its splendour in the hearts and minds of people.

Group 4 Reflection Essay

stem 4 project was an interesting learning experience. It forced me to work with battalion that I havent worked with before, take into account our teams different opinions and make the most step forward of what we had. We started out with an idea, water hang up on a table without a cup, that we spent a completely meeting on, before we realized that it was not possible to do it, which left wing(p) us with two meetings to decide what we were going to do.I was then uneffective to make the two next meetings, and this caused major training problems, which were reflected during our presentation, added to the fact that I did not talk enough with my team members about what we were going to do, which left our whole group pretty much clueless on our effective presentation. Added to this, we all had different ideas about what we wanted to do with the paper helicopter, what size should it be, how we were going to present it, which led to arguments on the day of the presentation.I am u sually stubborn, and it is hard to make me change my mind when I am set in a direction, moreover we finally managed to come to a compromise which satisfied e trulyone. From this, I learned that my idea is not unavoidably the only working final result, and that there isnt always one solution to a problem, although better planning and better communication could have avoided such problem on the actual presentation day. Regarding the actual presentation, it was obvious that our planning was not very good.Some material was missing, and we had to run around stomach minute to gather what was left. My teammates were stressing out because they werent ready at all, but being used to doing things last minute, I think that managed pretty considerably to take charge of the group project to get what was needed and to look at the actual presentation, which surprised me. I am not a very good public speakers, in fact I dont like standing in front of a class and talking, but I found that duri ng this project, not only was I not hangdog of going up, but I actually enjoyed it.I learned that when I put as much effort as I stick out into something, especially something that I like, my fear of public speaking actually goes by and all the hard work that we put into this project, even last minute, comes out and makes something that arsehole be regarded as good. We did have trouble managing the presentation though, as soon as the class started making their own paper helicopters, it was authentically hard to get them focused again. Our whole team unders to a faultd that, and quite we instinctively broke up into small groups to try and help everyone progress to the final design.To me, my overall opinion of our presentation is that although we lacked preparation, we ended up doing something good. What I learned from this experience is that I am not limited to what I have done in the past. Taking over the presentation was something that very surprised me, and although I know that I talked a bit too much, I am glad that it happened that way, as it showed me that public speaking can actually be one strength instead of my weakness.

Kids Health Essay

1.1- Explain what it means to founder a trade of fretfulness in own lam section.1.2- Explain how a duty of pity contri entirelyes to safeguarding or protection of singles.Having a duty of carry on is an obligation to a professional, a nestling and family. Any family placing a child within an azoic long time scenery should feel that stave members give take intact cargon of their child and that they will be safe. Any professional compassionate for a child would be held effronteryworthy if the minimum standard of c be is non met. If a duty of cargon is non met in a role that requires it, thus the responsible person rump be held responsible for every(prenominal)owing negligence to occur.Meggit (2011)Providing a duty of c ar to a child is to batten down that they atomic number 18 at no harm. This would mean that a professional would deficiency to be aw ar of giving the child right amount of attention, honoring for potential hazards and making wise choices in the steps taken to fancy a childs safety. in that location are legislations that ahead of time long time setting must take full consideration of when proving a duty of care. Such as the Child Care Act 2006. This act incorporates the welfare standards in which on the whole staff who look after children under the shape up of 8 should comply with. In September 2008 it became a legal responsible for care givers to ensure that all provisions are met. The welfare requirements of this are that within setting thither should be an expectant to child ratio. all(prenominal) child matters used to be a government requirement but now it is guidance. This framework helps to safeguard and protect children. This framework says that children must beSafeHealthyAchieve economicallyContribute to society positivelyEnjoy lifeSafeguarding is very pregnant within every early years setting. Safeguarding helps to protect children from malnutrition and negligence. most safeguarding procedures within m y own work spot are planetary houseing in and fall out books and everyday certification checks. This means on my arrival I am asked to present my pupil ID or any other form to prove who I am. I send awaynot enter the child care setting at all, as all doors are controlled from the office inside. every(prenominal) doors are kept locked, and afford personal identification number locks on them. This ensures that even if an enceinte was able to get into the setting doors would be sealed.One example of duty of care not macrocosm addicted is about a small girl that died. Molly Cunliffe was unlawfully killed, in a babys room setting, in July 2007 when she was left in the care of an outright 17-year old student. The 16 month old child choked on a cloth bag tie when in her cot. Mr. Cunliffe says that This is the result in unforgivable negligence and the leaseless death of our daughter Molly.Nursery innovation (10/3/2014)There are a number of ways that providing a duty of care contributes to the safe guarding or protection of individuals. These include pornographic to child ratiosProceduresIndoor and outdoor checksSecurity checks (ID), sign in and out bookTrained early aidersUn fitting staff constantly supervisedUniformCCTVCRB/DBS checksCounting children on a repair basis/ registersLook belongings away/ ph anes locked awayVisitor labelOn arrival at my placement I am let in when a member of staff recognises me. I am then instantly told to sign myself in and security check to ensure that I am who I say I am. This means I indispensableness to present my student ID. This helps to protect children from strangepeople coming into the building. The setting is similarly a looked premises. This helps staff to roll in the hay who is in the building. When arriving into my room, I am asked to sign into the room. Children are also signed in and out of the room. Children are also counted regular by dint of and throughout the day. This ensures that no child is mis sing.When going to placement I am expected to wear my uniform. On my uniform its states when I am from and when course I am doing. With my uniform I am asked to wear a student badge. This helps to protect children because they are alive(predicate) that I am supposed to be there. Adults and parents buns also see that I am operative with their children for a reason and that I am no danger.When arriving at placement I place all my items in a locker. This has to have my phone in and any other valuables. This ensures safeguarding because it resists me and other professionals from victorious photographs of children or adding clandestine information on social networking sites.Procedures such as accident, illness and injury forms help to protect children and members of staff. These forms are kept confidential but parents are able to look at these records as and when they like. It also protects staff from allegations.At my placement they have CCTV and open nappy ever-changing rooms . CCTV helps to ensure that all children are protected and are always patent to staff. This can help when an adult or child may set up an allegation. Open changing rooms help protect children and their confidentiality. CCTV means that staff are visible at all times but children cosmos changed cannot be seen on the camera.As I am an unqualified adult in the setting, I am always supervised by qualified members of staff. This protects children because they will always be supervised by someone that they know and feel safe around. There is also a trained first aider within the setting that will be able to assist when a child is injured.2.1- Describe potential conflicts or dilemmas that may arise among the duty of care and the individuals rights.Everyone is entitled to their basic humane rights. These are the right to food, shelter, wellness care, safety and protection from abuse. Children in primarily will not be able to stand up for themselves. unify Nations drew up a charter T he United Convention on the rights of a child.The Children and Young Persons Act 1933 consolidated all existing child protection work at that time into one actChild protection (17/11/11)The children and young peoples act 1933 imposes a criminal responsibilityfor adults. This means that if an adult chooses to commit their child in the care of someone, and something was to happen, they would be held responsible. Choosing inadequate care for a child would be seen as neglect.Potential dilemmas or conflicts that could arise within a setting could beA childs display and hygiene Dirty clothes, unkempt, smellyConstant and unexplained bruises and injuriesChange in personality and behavior Changing from quiet to very unsettled or aggressive.Dramatic change in weigh, food problems Change in thirst or stealing food.Continuously saying and reporting things that happen presentment members of staff that they have been hit.Dilemmas or conflict would be managed within setting by arranging regul ar coming togethers. This wouldnt just focus on a childs concerns but also a childs achievements. Regular meetings would cargo area a parent updated in any changes. This also wisecracks an opportunity for professionals to declare a parent if they subscribe the prevail and advice.Policies and procedures such as confidentiality and safeguarding are always available for parents to select and understand. Parents would read and sign the policies and procedures to show that they understand and agree with what they settings do in relevance to safeguarding and providing a duty of care to their child. Having policies and procedures helps to ensure that that parents are fully sure of any action they would need to take if an issue was bought up. Although professionals will keep things confidential, if a child is at fortune someone else would needs to be informed. Forms and information regarding a parents child are always available for them to read.Professionals will build up a strong trust worthy relationship with parents and child so that they feel any issues or concerns can be dealt with calmly. This will help to ensure that if conflict does happen, the adults knows that they are give tongue toing to someone that trust them, understands them and will offer professional advice.Some situations such as behaviour, wellness and safety and confidentiality can or may cause conflict. These may arise between an individuals rights and the duty of care.Confidentiality The possible risk may be that the child is a risk of significant harm. Itisnt always possible to keep confidentiality if concerns are raise about a childs safety. If confidentiality is broken, conflict could arise though losing the trust of the parent. Ways of managing the risks are settings having policies and procedures regarding confidentiality and safeguarding. Parents should be aware of the procedures professionals may need to take when a concern is bought up.Health and safety A health and safety ri sk may be a child being left un supervised at home alone. This could but the child in serious danger. Also if a child is regularly absent for nursery/school, this could cause a concern. Ways of managing the risks are to offer guidance and actualise to adult/parents about breakfast clubs and after school clubs. Additional harbour could be giving them leaflets to help with financial and child care cost. deportment If a child has a dramatic change in behaviour for example changing from very calm to unsettled or aggressive, could be signs of a further medical condition such as ADHD. It can also affect a childs learning and festering if they are progressively go backing it hard to concentrate on activities or group reading time. A way settings would manage this would be to have a good behavioural management and to speak to parents about there prefer way of dealing with bad behaviour. If a setting matte up that a parents behaviour management wasnt emotional enough, professionals could other strategies.2.3- Explain where to get additional reward and advice about conflicts and dilemmas.There is a wide range of additional apply that can offer advice about conflicts and dilemmas such as LEA (Local Educational Authority) This authority offers advice on supernumerary educational needs. They are educational advisors. These advisors will draw up an individual plan for a child. This should be reviewed every year. The special educational needs coordinator (SENCO) will work in partner shit with settings, children and parents to go up the right support the child needs. Parents should be involved in developing the individuals educational plan, and the child should also get the run into for input.Young Minds (2014)Another place professionals can get additional advice from is health services such as school nurses and play therapists. School nurses not only deal with children being ill, they also have an important role in promoting good health. School nurses do visi on and hearing screenings and a children how to take care of themselves.Kids Health (2014)School nurses also work with children with special needs such as diabetes and teachthem about their condition and admonisher them while they are in the setting. Nurses give patients and families compassionate support when they need it.A play therapist also works with children that may have problems such asLoss through bereavements, family breakups and separationIllness or disabilityExperienced neglect and abuseChildren with low self hatch and anxiety issuesPlay therapist will adapt to suit individual needs and appropriate age. Play therapist helps children to explore their feelings and emotions and make nose out of them. Play therapists work with children through role play, sensory play and unalike toys to help build a trust relationship between them. companionable service work closely in partnership to help apprize about conflict and dilemmas. Social services have a statutory obligation to safeguard and promote the welfare of vulnerable children and can lead a wide range of services to children and their parents.Family lives (2014)Charities offer addition support to practitioners and advise through different groups of people. Some charities that offer addition support areBarnadosNSPCCSave the childrenNoahs arch bereavement supportThe NSPCC (National Society For Prevention Of cruelty To Children.) offer addition support through a help line. They are a 24 hour service. This allows practitioners to discuss child pretention concerns. They also offer and information service where practitioners can find out changes in child protection policies, practice and research.Noahs ark is a charity based on offer support to children with limited or life threatening illness. This charity works closely in partnership with families and other agencies by offering flexible support. They help families live positively and support them through bereavement. They offer emotional and physi cal support through the childs life.3.1- Describe how to respond to affections.When responding to complaints, there are things practitioners should and should not do.Should Practitioners should always remain in a professional manor. This would mean quest set procedures and remaining calm when dealing with any complaints do. It is also important so that bonds and relationships are not broken.Remaining confidential is very important. deal remain confidential to avoid conflict. The only time when confidentiality is broken is when there is a safeguarding issue. Following the confidentiality procedure will prevent people fetching sides and gossiping about the situation.It is important that practitioner always explain the richness of the issue. This means making people aware of what is going on. By following policies and procedures, the situation can be resolved.When responding to complaints, good body language will show that a practitioner is listening to what the other person has to say. beingness attentive will show that their views are being listened to and understood. Making nerve centre contact and informs the speaker that they are being listened to and will show that they are empathising them. . people will usually make eye contact as a signal that they are ready to listen.Meggit (2011)Shouldnt - When responding to complaints there are many things that practitioners should not do. Practitioners should not dismiss peoples opinions and views. This can cause them to feel threatened and make them think that their views and opinion are not valued.Do not interrupt when the other person is speaking. This can seem rude and make them feel that they are in the wrong. All opinions should be valued and dealt with fairly.Practitioners should not be judgemental. If people are judged they may feel that their opinion is being dismissed and they are in the wrong.Practitioners should neer compare. If an individual is compare to another can make them feel out casted an d different. It is important to remember that all children are different and develop at different stages. No child is unable to do something they areworking towards achieving it.3.2- Explanation of main points of agreed procedures for handling complaints.Policies and procedures All early years settings will have policies and procedures for making complaints. This will make people aware that if they have complaints to make they know where to go and how it will be dealt with. substantiate relevant forms for complaint makings. This will allow the setting to deal with the complaint quickly and effectively. All complaints should be treated as important no matter what the complaint is about. When a complaint is made, it should be dealt with immediately. This will prevent the situation getting worst.Depending on the seriousness of complaint, it would be made to the director or a named person. For example the safeguarding officer, governors or local authorities. If the report is made again st the manager is should be taken to the person next in command.A meeting should be help separately for the relevant people to talk about the situation. This meeting should be held in privacy. Both staff/adult should be allowed a witness with them so that they feel safe. During a meeting notes should be taken on the situation, but they should always be tell and explained.No meeting should end without an action or review date. This could be signing an agreement of the action taken and to agree that they complaint has been resolved.

Proposal to avoid managerial derailment and failure Essay

sou-west Airlines strict adherence to its mission to provide the highest tincture of guest service delivered with a sense of warmth, friendliness, individual pride, and bon ton life sentence is a key factor to the comp any(prenominal)s success (About souwest Airlines Co, 2013). The airlines superpower to commit to employees to provide them with a stable work environment that ensures equal opportunity for learning and personal growth. Southwest prides itself on eitherowing all within the company to be creativity and innovative to help cleanse the effectiveness of Southwest Airlines.The most important benefit, employees will be provided the comparable concern, respect, and caring attitude within the organization that they atomic number 18 expected to divvy up externally with every Southwest Customer. Southwest uses an unorthodox leadership bolt created by Herb Kelleher. The basic idea is that the organization works care an upside down pyramid. The upper management is at t he bottom and supports the prior line employees, who are the experts. This strategy works for Southwest Airlines because management decisions are made by everyone in the organization, not just the head executives.The companys emphasis on creativity and innovation bodes well for a company that stresses free will over structure and titles (About Southwest Airlines Co, 2013). bandage Southwest Airlines purposes the leach minimum in flight options, it does meet and snuff it customer expectations when it comes to service. They base their model on the motto, which states that if theyre happy, satisfied, dedicated, and energetic, theyll score significant good care of the customers. When the customers are happy, they come back. And that makes the shareholders happy, (About Southwest Airlines Co, 2013).Southwest Airlines nourish managed to keep a happy medium between labor unions and edit employees by maintain a healthy relationship with its employees. It is an added benefit to offe r employees longer hours with more than just competitive pay. Southwest has had the ability to result because of the vision to realize and obtain its goals in business. The focus on bare essentials for flight is the catalyst for its wretched cost business model.A low cost plane with short travel between major cities has equally allowed Southwest Airlines to focus on a specific type of consumer. The customer base for Southwest Airlines is largely the business class will take service or luxury when it comes to being efficient and cost effective. The ability to focus that theidea that customers, can be satisfied without having expensive options available for them, Southwest Airlines has successfully lured those consumers away from the bigger airlines. Combined with the influences of the internet, Southwest Airlines can sojourn to excel in the industry by bypassing travel agents and their fees ensuring to avoid any managerial derailments or failures.ReferenceAbout Southwest Airlines . (2011). Retrieved October 12, 2013, from Southwest Airlines http//www.southwest.com/ hypertext mark-up language/about-southwest/index.html

Changes and continuities of Roman empire Essay

among 500 BCE and 500 CE, the roman letters culturedization experienced change overs both policy-makingly and culturally. Firstly, capital of Italys goernment transiti 1d from a Republic to an conglomerate. Later, that pudding stone was fracture into two parts due east and west. In terms of changes in culture, it was wedge by the shift in religious belief, as the papistics shifted from polytheism to mo nonheism. Despite all the changes, capital of Italy even so remained culturally diverse. The Romans overthrew the Etruscans in 509 B.C.E. The Etruscans had govern over the Romans for hundreds of years. Once free, the Romans realized a republic, a government in which citizens elected representatives to rule on their behalf. The highest positions in the government were held by two consuls who ruled the Roman republic.A senate composed of Patricians elected these consuls and at this time, lower-class citizens, or plebeians, had virtually no say in the government. Both men an d women were citizens in the Roman Republic, but only men could vote. Under certain circumstances, the senate and the consuls could appoint a jury-rigged dictator to rule for a limited time until the crisis was resolved. One of the innovations of the Roman Republic was the notion of equality under the law. In 449 B.C.E., government leaders carved some of capital of Italys most important laws into 12 great tablets. During the last three centuries of the republic, capital of Italy experienced a big series of civil contends, economic as well as political issues, and civil crisis caused by the dictatorship of Julius Caesar. After Caesars death, another civil war broke out destroying what was left(a) of the Roman republic.Caesars adopted son, Octavian, joined forces with a general named interbreeding Antony and a politician named Lepidus. They took ensure of Rome for ten years as the Second triumvirate. The alliance stop in violence and jealousy. Octavian forced Lepidus to retir e and then became rivals with Mark Antony. Octavian believed Mark Antony was plotting to rule Rome from Egypt, and another civil war erupted. Octavian defeated Antony and became the noncontroversial ruler of Rome. Rome was at the height of its power from the start of Augustuss rule in 27 B.C to 180 A.D. For 207 years, peace and prosperity resided over the Roman Empire, known as the Pax Romana. During this time, the empire spread 3 million square miles, and its population was between 60 and 80 million. The borders were as well stable, since thither were not any wars going on between Rome and other civilizations.Since Rome was now an empire, this meant that the government would now be ruled by a single emperor instead of two consuls. Since one person was in full control instead of two, so thither was no conflict over power, and there was no need for citizens to unendingly elect people to rule. How constantly, during Octavians reign he set up a civil service system. He paid wor kers to manage the personal matters of government. Although the senate still functioned, civil servants from the plebeians and thus far former slaves actually administered the empire. The Romans were heavily influenced by the Greeks in various ways. One facet be religion, the Romans were polytheistic due to Greek influence and worshipped many of the identical gods. The classical Greek and Roman gods rewarded excellence over mediocrity and did not truly offer any sort of meaningful later-life. However, nearly three hundred CE a juvenile religion started to spread throughout Rome.This pertly religion being Christianity, a monotheistic religion, and a religion that believed that there was life after death and hailed Jesus as the son of idol as well as the incarnation of God. In regards to life after death in the Christian religion, as long as you followed the corporate trust and lived a virtuous life doing good deeds you would be rewarded heaven. notwithstanding if one has led a life of sin, they would be doomed to go by the afterlife in hell. Those meek and seen as inferior in the Roman empire, the poor, slaves, and women felt elevated and empowered as e trulyone is equal in the eye of God, in Christianity. When Christianity began to emerge, it was largely disliked as Christians refused to take part in the worship of emperors as the Romans did. It was this refusal that caused its practice to be illegal and those who chose to stick with the credence were prosecuted. Although people were being killed for practicing, Christianity started to become even to a greater extent popular.After perceive Christian martyrs risk their lives for the sake of Christianity, many Romans were compelled and attracted to the faith. Also, there were Apostles who traveled around the empire spreading the message of Christianity. Then in 312 CE, Emperor Constantine proposed the lodge of Milan that banned all laws against Christianity. That allowed people to freely worship, without the fear of harsh punishment. He eventually converted on his deathbed. Then in 392 CE, Emperor Theodosius make Christianity the official religion of Rome. Christianity went from being an illegal religion to the official religion of the Roman Empire. At the height of its power, Rome controlled the greatest empire ever seen in Europe at that time. Many of the conquered nations benefited from Rome. Roman public baths, roads, body of water supplies, all appeared in Western Europe. The sheer size of the empire was a major reason for the collapse of Rome.In AD 284, the Emperor Diocletian divided up the Roman Empire in two parts to make it easier to rule. He created the Western Empire and the Eastern Empire, each with its own leader. Diocletian confront more than than just administrative problems. More and more military defenses had to be make across the whole empire. Maintaining an army to defend the border of the Empire from barbaric attacks was a constant drain on the government. Military spending left few resources for other vital activities, such as providing public housing and maintaining quality roads and aqueducts. Frustrated Romans lost their desire to defend the Empire. The empire had to begin hiring soldiers recruited from the unemployed city mobs or worse from foreign countries. such an army was unreliable and very expensive. The emperors were forced to raise taxes and coin more money frequently which in turn led again to change magnitude inflation. To add to that in AD 307, Constantine became emperor.He moved the capital of the empire to a new city Constantinople. Constantinople was much further east than Rome and firmly in the eastern empire. This left the western empire very vulnerable to attacks. The eastern empire was closer to the rich soil impregnable crescent and was much easier to defend. The west began to deteriorate and went through what was known as a Dark Age. During this time there were no advances in technology, there was turmoil throughout the empire, and literacy declined dramatically. The Roman Empire went from being a halcyon world power to two fragmented empires, with the west doing awful and the east maintaining some resemblance of its former glory. Despite the fact that Rome faced numerous changes throughout the centuries it still remained culturally diverse. The start of the Republic was make around many cultures. The idea for arches were taken from the Etruscans. The language was derived form the Latin speaking people in the area.The religion, literature, and architecture were influenced by the Greek. During the heights of the empire, war was still ever present. The influence of Rome was spreading to nearby territories and new land was acquired. With the increase in land and population it was only inherent for the spread of new ideas to occur. The emergence of Christianity would prove to be a be feature of the Roman Empire. The fall of the empire produced two weaker halfs of a once&n bspformidable empire. The western side of the empire kept up(p) the Latin language and the eastern side chose Greek instead. The resulting wars with neighbors and influx of refugees contributed even more to exchange of languages and cultures. From the beginning of Republic, to the expanding empire, to the halves east and west, Rome remained multi-cultural.Ancient Rome went through dramatic changes from 500 BCE to 500 CE. It first underwent a change of government shifting from a republic to an empire. Rome then changed culturally, from being polytheistic and believe in the Greek gods, to being monotheistic and believing in one deity and adhering to the guidelines of Christianity. Furthermore in 476 CE, the Roman Empire collapsed and split into two parts, and was governed by two emperors. Although Rome encountered a these alterations it still remained a multi-cultural civilization.

Analytical Essay – Lochie Leonard

Awkwardness, mercilessness and moodiness argon stereotypes which are intentiond to represent teenagers. In his novel Locke Leonard the Human Torpedo, Tim Wanton explores the stimulated development of teenagers. In the novel he represents teenagers as reckless. This is achieved done Locales unlike actions, rude carriage and his bad language. The novel displays teenagers as reckless through their inappropriate style.In the chapter Getting Serious Locke and Vicki are alone in her house and they operate n sexual activities disregarding the possible consequences. This is also shown later on in the book in the chapter Ocean Beach where they again act without thinking. The twain chapters give the reader a clear example that teenagers can be reckless due to their inappropriate demeanour. At school Locke displays rude behavior towards his teachers.In the chapter Everybodys ducky Spread Locke is in class studying his least favorite subject, Math, and is rude to his teacher by omitti ng to call him sir (pap-18). Also in the chapter True Torpedoing Locke is in his woodwork class and once again displays dude behavior and encrustation to his teacher by suggesting that the teacher does his block (pap-31). This insulting comment could anger an already hostile teacher even more and is therefore reckless.In the starting signal two weeks Locke has already acquired a bad reputation for himself. Locales rude behavior is very risky. Teenagers are represented as reckless due to their use of inappropriate or bad language. Locke has been influenced to use bad language afterwards reading a book about sexual development. In the chapter Everyones Favorite Spread Locke is being bullied. Whilst being bullied he retaliates by calling them a hatful of yellow vulvas (pap), which might provoke them to attack him, rather than trying to quiesce them down, which would be more sensible. Locales use of language clearly represents teens as reckless. In this novel Tim Wanton represents teenagers as reckless because of their inappropriate actions, rude behavior and bad language. He has focused on emotional development in adolescents. While this is only one aspect of the challenges faced by teens, the originator has represented common stereotypes in characters and their actions to describe teenagers.

International Trade Theory and Policy Essay

quadrilateral job negotiations forums atomic number 18 organizations anchored to regulate get by amongst some a(prenominal) countries of the world. The agreement involves establishing organizations which regulate bargain in the entire world. The adjoin in world(a)ization has forced umteen countries to form regulatory organizations to forfend bad flip practices. To enhance spate many an(prenominal) countries deem created plow agreements to remove barriers to clientele. Economic consolidation is the roughly classic aspect discussed by the exchange agreement organizations. The organizations aim at achieving an integrated thrift where countries domiciliate trade with each early(a).After the sphere warf be II many leaders of the world felt that the economies of the destroyed countries could only be improve through trade. One of the proposals to improve trade was to create a capitalistic global economy but this was rejected since it was not applicable. The leade rs hold to establish global trade organizations which would enhance trade by step-down the barriers to trade which had been placed by the countries. During the war many countries created strict barriers to trade to protect their economies from external influence (Anderson, 2005).The General Agreement on interchange and Tariffs was the first agreement to be established. The agreement was established to enhance trade among the member countries but was later converted into World conduct Organization (WTO). The International Monetary Fund was also created to regulate the frugal status of the growing nations as well as regulate external sparing activities (Smith, Sumner & Rosson, n. d. ). Reconstruction of the damaged economies after the World War II was the priority of these organizations.For many years several amendments hurl been make to accommodate the changing sparing climate. dispense liberalization has been the most important aspect during the amendments. For example , according to Anderson. (2005, pg. 414), the Uruguay Round of multilateral trade negotiations light-emitting diode to agreements sign-language(a) in 1994 that contributed to trade liberalization all in all over the replacesequent 10 years. disdain the many advantages accompanied by the establishment of the world(prenominal) trade organizations, in that location bear been several disadvantages accompanied by the activities of opening up of municipal commercialises to transnational trade.An example is the global scotch recession of the 2007-2009 that was experient by the world economies after the banking industry and the mortgage industry collapsed out-of-pocket to paltry financial practices by the U. S. banks. Importance of multilateral trade institutions The multilateral trade organizations were created to enhance trade and stability of the economies of the member countries. Initially they were established to furbish up the economies which had been destroyed during the World War II. some countries realized the importance of trade in improving the economies after the war.Trade was the only tool that could construct the original status of the economies. Before and during the war many countries had put a lot of trade barriers to prevent trade with early(a) countries. Opening up national economies required negotiations with all countries of the world to enhance a to a greater extent open economic system (Warnke, 1996). Multilateral trade institutions improve worldwide trade since they encourage member countries to open up their domestic securities industrys to international trade. Trade disputes are resolved more easily between and among impertinent countries, hence leading to a good relationship between countries. issue according to comparative advantage has been support by the improvement in international trade. Countries are support to produce goods which they can produce most economically. Different countries have different resourc es which give them the potential to create income generating products. with international trade resources are utilized optimally since an economy provide specialize in the production of products which it has greater advantages (Bernard et al. 2007). International trade has encouraged countries to specialize in the production of goods and services.The mobility of factors of production has been accelerated by globalization. more than industries are encouraging division of drive to increment the productivity of labor factors of production. much industries have unquestionable with the expansion of international trade. These industries create more employment opportunities to the citizens of a sylvan. As the par capita income of the quite a little outgrowths their living standards is improved. leanness alleviation campaigns have encouraged improved international trade as one of the strategies to enhance development of nations (Bernard et al. 2007).Opening up the domestic market to international trade creates more advantages than disadvantages. The international prices are lower than the domestic prices. The consumers obtain goods and services at lower prices. The competition created by the international trade encourages the domestic firms to be efficient in their production systems. The customers are provided with a wide variety of products to select from (Bernard et al. 2007). Multilateral trade organizations controller the globalization of economies. orbiculateization refers to the international operation of business activities and the transfer of discipline between countries.Globalization has implyed business activities both positively and negatively. Global markets have emerged and many companies are operating in several countries. This has created engagement of the companies since the global markets are larger than regional markets. Globalization is the process of integrating the global economies, societies and cultures by connecting communicati on and trade networks. Economic globalization refers to the integration of global economies by enhancing trade, foreign direct investment, sharing of technology, movement of state and flow of capital.The factors which influence the rate of globalization are the world economies, technology, and socio-cultural, governmental and biological aspects (Warnke, 1996). Globalization has improved the exchange of technologies and knowledge. This has increase the capacity of businesses to blow a fuse on the number of innovative products in the market. The public sector just cannot accommodate all the skilled labor in a country and trade provides more employment opportunities for the populate in a nation.As economies become more global people with skills can move to countries where in that location is eminent market potential for their labor. The introduction of internet has increased power in trade by enabling people transfer training more easily. Trade attracts private investment and t his generates more capital in the economy. The piggish domestic product of a country increases with increase in trade. Growth and development of an economic is accelerated by trade since more income is generated and the living standards of the people are improved (Daniels, Radebaugh & Sullivan, 2007).Poverty levels in both developing and developed countries have declined by greater margins due to participation of countries in the international trade. Economies have acquired more wealth and the gross domestic product of countries has improved. WTO has become the custodian of international law on trade. The enforcement of trade laws about good trade practices has been possible after the beingness of WTO. The establishment of regional and multilateral trade agreements was experienced after WTO was created. This has encouraged many countries remove barriers to trade (World Trade Organization 2010).Weaknesses of multilateral trade institutions Most of the multilateral trade organiza tions are affected by the governmental climate in the member countries. Any governmental war between the member countries can ruin the operation of the organizations. When the organizations support some political organizations they affect the interests of the members and this bowdlerises the deli very of the required obligations. Politically strong countries have dominate the operations of the multilateral organizations and this is causing a lot of concern to the global trade communities.Decision making at the trade organizations has become very difficult since many participants are not willing to accept rules which affect their economies negatively. Anderson (2005, pg. 417) suggests that although trade can and should play an important role in allowing developing countries to lift themselves out of poverty, in reality international trade agreements and institutions have more often than not contributed to the continuation of global social and economic injustice. The developed nat ions have dominated the multilateral trade organizations. For example, according to Anderson (2005, pg. 31) with decision-making establish on a consensus system, so each member has equal decision-making power, the WTO is held to be the most democratic of all the international institutions with a global mandate. In practice, however, the working methods of the WTO lack transparency, inclusiveness and equity. There have been conflicts as the developing nations are becoming concerned about the great influence the developed nations have on the decisions in these organizations. Multilateral trade agreements are complicated to establish since many countries are involved.The interests of each country should be represented during the negotiations to keep in line that conflicts do not arise afterwards (Amadeo, 2010). Despite the establishment of the trade organizations many countries continue to place more trade discrimination measures upon other countries. They include not just trade taxe s-cum-subsidies but also particular protection measures such as anti-dumping, regulatory standards that can be adept barriers to trade, and domestic production subsidies Anderson (2005, pg. 415). many another(prenominal) trade distortions have occurred since the global economies were established.Multilateral trade organizations have encouraged the opening up of economies to international market influence. The opening up of domestic markets has affected the global economies. Several disadvantages have been accompanied by the opening up of the domestic markets, for example, the global economic meltdown of the 2007-2008. The crisis started with the rise in prices for basic products due to the international increase in fuel prices. The prices of oil and food products increased within a short duration leading to an economic crisis which affected many people in US.The prices for many products increased and inflation was experienced all over the country. Many subprime borrowers had low incomes and the rise in prices for basic products increased the expenses for their living. Many companies retrenched employees to accommodate the increasing production costs. The borrowers were unable to repay the loans resulting to capacious defaults. More than 100 subprime mortgage intermediaries filed for bankruptcy. Reacquisition of the houses from the defaulters caused a lot of people to become dispossessed (Platt, 2008). Subprime mortgages are policies which have a high jeopardy of default.Subprime borrowers are the people with low incomes and have a poor credit history. They have high risk of default compared to the prime borrowers. The US government had deregulated the real domain mortgages leading to massive investment in subprime mortgages. This caused the risky lending of subprime mortgages. The subprime mortgages were not popular initially but they became widely used in the 1990s. The rising tide of the sub prime mortgages was in 2006 when they accounted for more t han 21 percent of all mortgages traded in the US market. The value of subprime mortgages in 2006 was valued at $600 billion.Many subprime mortgage intermediaries were established to reap the benefits of the expanding industry (Helleiner, 2009). The world economies have experienced a major decline due to poor performance of many industries. This is a crisis which has affected all sectors of the economy. Williams (2009) claims that the crisis was initiated by the subprime mortgage lending crisis in US. The banking sector issued many loans to subprime mortgage intermediaries. Due to the expanding market in the sub prime mortgage market many banks issued unsecured loans to the intermediaries.The climax of the windfall was reached in 2007 when the prices of products started to increase and many subprime mortgage lenders were unable to repay their loans. This led to massive default of debts and banks registered grand losses. This reduced the lending capacity of many banks. The resulting effect was lack of credit in the economy and the collapse of many companies (Stapledon, 2009). The government of US is to be blame for the crisis. The 102nd Congress under the leading of George W. Bush deregulated the housing sector in 1992 (Guttmann, 1994).The main aim was to increase the availability of money for profaneing housing. Fannie Mae and Freddie Mac companies were deregulated and could spend $97. 50 to buy housing loans. Banks with $100 could spend more than $90 buying mortgage loans. The companies had been ordered by the congress to retain more capital to for risk allowance but this was not practiced. Since 1992 the mortgage sector experienced the highest big H with many companies investing heavily in the sector. Subprime mortgage intermediary companies were developed to assist homeowners acquire loans from the banks (Stapledon, 2009).The banking sector was the worse hit by the crisis. Inter-bank lending declined and banks had no money to issue to their customers. M ost of the banks collapsed while others registered huge losses. This was as a result of failure by many subprime mortgage intermediaries which defaulted the huge loans they had acquired from the banks. The central bank could not lead to all the banks due to the massive crisis that affected the entire country. Since US is a market for many commodities from other countries there was an extension of the crisis to other economies causing a global economic meltdown.Many economies declined since they had no market for their goods. Inflation increased as prices persistently increased. The entire world encountered economic crisis which resulted into failure by all sectors of the economy in the world (Stapledon, 2009). Many international organizations have intervened to eradicate the problem. The noise by the World Bank has created better results in the efforts to reduce the impacts of the crisis. World Bank has issued loans to many countries to increase the income levels of the people. Man y companies have been able to rise to power loans due to the fun ding by World Bank.The availability of loans has increased since last year and many companies have regained their capacity (Bayne, 2008). The World Trade Organization has negotiated with the oil producing countries to reduce the oil prices as one of the measures to reduce the effects of the crisis. The global oil prices increased causing the prices of many products to rise. The high product prices caused inflation in the whole world. WTO has also encouraged trade by persuading some countries remove the trade barriers they had placed upon their trade partners when the crisis was at the climax (Stephen, T. 2008).

Dividend Policy

stableness of divid lay off insurance. There whitethorn be three types of dividend policy (1)Strict or Conservative dividend form _or_ system of government which envisages the retentiveness of boodle on the apostrophize of dividend agree a bun in the oven-out. It helps in strengthening the monetary position of the summon with (2) Lenient Dividend policy which over lodge ins the requital of dividend at the maximum arrange potential taking in view the ongoing earing of the confede proportionalityn. Under much(prenominal) policy association retains the minimum possible meshwork (3)Stable Dividend Policy suggests a mid- authority of the preceding(prenominal) dickens views. Under this policy, horse barn or almost horse barn set up of dividend is maintained.Company maintains reserves in the socio-economic classs of prosperity and lend oneselfs them in pay offing dividend in lean social class. If fellowship fol pitiables permanent dividend policy, the trade wro ng of tis shargons sh every(prenominal) be higher. There ar reasons why investors favour stalls dividend policy. Main reasons argon- 1. Confidence Among Sh arholders. A regular and stable dividend payment whitethorn serve to resolve un indis clotheablety in the minds of shareholders. The attach to resorts non to cut the dividend digit rase if its loot are poorer. It maintains the footstep of dividends by appropriating the specie from its reserves.Stable dividend presents a bright future of the f consec prisernity and and then gains the confidence of the shareholders an the good al baseborn for of the social club increases in the eyes of the everyday investors. 2. Income aware Investors. The second factor favoring stable dividend policy is that some investors are income cognizant and favor a stable station of dividend. They too, never favour an dubious rte of dividend. A Stable dividend policy whitethorn as wellhead as satisfy much(prenominal) investors. 3. Stability in Market set of Shares. Other things beings peer, the grocery store toll very with the rate of dividend the participation declares on its blondness shares.The valuate of shares of a telephoner having a stable dividend policy fluctuates non widely even if the weeings of the high society turn down. Thus, this policy buffer the trade toll of the fund. 4. Encouragement to Institutional Investors. A stable dividend policy attracts enthronements from institutional investors much(prenominal) institutional investors generally prepare a list of securities, mainly incorporating the securities of the companies having stable dividend policy in which they invest their surpluses or their long term line of descents such(prenominal) as pensions or provident funds etc.In this way, stableness and method of dividends non only affects the commercialise price of shares but in like manner increases the general credit of the company that pays the company in the long run. F actors Affecting Dividend Policy A number of conside balancens affect the dividend policy of company. The major factors are 1. Stability of Earnings. The nature of business line has an important bearing on the dividend policy. Industrial units having stability of boodle may formulate a more legitimate dividend policy than those having an uneven flow of incomes because they stinkpot predict easily their savings and honorarium.Usually, trys transaction in necessities suffer less from oscillating collectings than those dealing in luxuries or fancy goods. 2. Age of familiarity. Age of the corporation counts much in deciding the dividend policy. A new-fashioned-madely established company may command much of its simoleons for expansion and plant improvement and may pack a rigid dividend policy while, on the former(a)wise hand, an older company can formulate a clear cut and more consistent policy regarding dividend. 3. Liquidity of Funds.Availability of hard currency and sou nd financial position is as well an important factor in dividend ratiocinations. A dividend represents a currency overflow, the greater the funds and the fluidness of the unswerving the better the ability to pay dividend. The liquidity of a besotted depends very much on the investment and financial ends of the firm which in turn determines the rate of expansion and the manner of backing. If cash position is weak, stock dividend allow for be appointd and if cash position is good, company can march on the cash dividend. 4. Extent of share Distribution.Nature of ownership also affects the dividend decisions. A closely held company is likely to breed the assent of the shareholders for the suspension system of dividend or for adjacent a conservative dividend policy. On the other hand, a company having a good number of shareholders widely distributed and forming low or medium income group, would face a great difficulty in securing such assent because they volition emphasis e to distribute higher dividend. 5. Needs for excess Capital. Companies retain a part of their additions for strengthening their financial position.The income may be conserved for conflux the increased requirements of working big(p) or of future expansion. Small companies usually find difficulties in raising finance for their pick ups of increased working slap-up for expansion programmes. They having no other alternative, use their ploughed back profits. Thus, such Companies distribute dividend at low rates and retain a big part of profits. 6. Trade Cycles. personal credit line cycles also exercise influence upon dividend Policy. Dividend policy is adjusted concord to the business oscillations.During the boom, prudent management creates food reserves for contingencies which follow the inflationary period. higher(prenominal) rates of dividend can be used as a cats-paw for marketing the securities in an other depressed market. The financial solvency can be proved and maintai ned by the companies in dull course of instructions if the able reserves control been built up. 7. Government Policies. The remuneration capacity of the enterprise is widely affected by the change in fiscal, industrial, labour, control and other government policies.sometimes government restricts the dissemination of dividend beyond a authorized function in a particular industry or in all spheres of business activity as was done in emergency. The dividend policy has to be modified or formulated accordingly in those enterprises. 8. Taxation Policy. spicy appraiseation reduces the earnings of he companies and consequently the rate of dividend is lowered down. Sometimes government levies dividend-tax of dispersal of dividend beyond a genuine limit. It also affects the majuscule formation. N India, dividends beyond 10 % of aid-up heavy(p) are subject to dividend tax at 7. 5 %. 9. Legal Requirements. In deciding on the dividend, the directors topic the legal requirements too into consideration. In order to protect the use ups of creditors an outsiders, the companies Act 1956 prescribes certain guidelines in respect of the distribution and payment of dividend. Moreover, a company is take to provide for depreciation on its located and tangible assets before declaring dividend on shares. It proposes that Dividend should non be distributed out of capita, in any nerve. give carewise, contractual tariff should also be fulfilled, for example, payment of dividend on preference shares in anteriority over ordinary dividend. 10. Past dividend Rates. While formulating the Dividend Policy, the directors must keep in mind the dividend paid in past years. The menses rate should be around the average past rat. If it has been abnormally increased the shares will be subjected to speculation. In a new concern, the company should consider the dividend policy of the antagonist organisation. 11. Ability to Borrow.Well established and large firms retain better acces s to the capital market than the new Companies and may borrow funds from the external sources if thither arises any take in. much(prenominal) Companies may go for a better dividend pay-out ratio. Whereas smaller firms go through to depend on their internal sources and therefore they will turn out to built up good reserves by reducing the dividend pay out ratio for meeting any obligation requiring heavy funds. 12. Policy of Control. Policy of control is a nonher(prenominal) determining factor is so farthermost as dividends are concerned.If the directors want to have control on company, they would not like to add new shareholders and therefore, declare a dividend at low rate. Because by adding new shareholders they fear dilution of control and diversion of policies and programmes of the existent management. So they prefer to meet the needs through bear earing. If the directors do not both(prenominal)er about the control of affairs they will follow a big(p) dividend policy. Thus control is an influencing factor in framing the dividend policy. 13. Repayments of Loan. A company having give indebtedness are vowed to a igh rate of retention earnings, unless one other arrangements are make for the redemption of debt on maturity. It will naturally lower down the rate of dividend. Sometimes, the lenders (mostly institutional lenders) put restrictions on the dividend distribution still such time their loan is outstanding. Formal loan contracts generally provide a certain standard of liquidity and solvency to be maintained. Management is bound to hour such restrictions and to limit the rate of dividend payout. 14. m for Payment of Dividend. When should the dividend be paid is another consideration.Payment of dividend means outflow of cash. It is, therefore, delectable to distribute dividend at a time when is least needed by the company because there are peak times as well as lean periods of expenditure. Wise management should plan the payment of dividend in such a manner that there is no cash outflow at a time when the undertaking is already in need of urgent finances. 15. Regularity and stability in Dividend Payment. Dividends should be paid on a regular reason because each investor is stakeed in the regular payment of dividend.The management should, inspite of regular payment of dividend, consider that the rate of dividend should be all the most constant. For this exercise sometimes companies maintain dividend Meaning and Types of Dividend The profits of a company when made available for the distribution among its shareholders are called dividend. The dividend may be as a fixed annual percentage of paid up capital as in the graphic symbol of preference shares or it may vary according to the prosperity of the company as in the case of ordinary shares.The decision for distributing or paying a dividend is taken in the meeting of get on with of Directors and in confirmed generally by the annual general meeting of the shareholders. T he dividend can be declared only out of divisible profits, remained subsequently setting of all the expenses, transferring the reasonable amount of profit to reserve fund and providing for depreciation and taxation for the year. It means if in any year, there is not profits, no dividend shall be distributed that year.The shareholders cannot put forward upon the company to declared the dividend. It is solely the politeness of the directors. Aunt hinted that the dividend was an income of the owners of the corporation which they received in the capacity of the owner. Distribution of dividend involves lessening of rate of flow assets (cash) but not always. Stock dividend or bonus shares is an elision to it Basic Issues Involved in Dividend Policy There are certain basic questions which are Involved in determining the sound dividend policy. Such questions are- 1.Cost of Capital. Cost of capital is one of the considerations for taking a decision whether to distribute dividend or not . As decision making tool, the Board calculates the ratio of rupee profits that the business extends to earn (Ra) to the rupee, profits that the shareholders can expect to earn outside (Rc) i. e. , Rs. /Rc. If the ratio is less than one, it is a signal to distribute dividend and if it is more than one, the distribution of dividend will be dis stay putd. 2. realisation of Objectives. The main objectives of the firm i. e. maximization of wealth for shareholders including there up-to-date rate of dividend-should also be aimed at in formulating the dividend policy. 3. Shareholders Group. Dividend policy affects the shareholders group. It means a company with low pay-out an heavy reinvestment attracts shareholders interested in capital gains rather than n accepted income whereas a company with high dividend pay-out attracts those who are interested in current income. 4. Release of Corporate earnings. Dividend distribution is taking as a mens of distributing bracing funds.Dividend pol icy affects the shareholders wealth by varying its dividend pay = out ratio. In Dividend policy, the financial manager decides whether to release Corporate earnings or not. These are certain basic issues Involved in formulating a Dividend policy. Dividend policy to a large extent affects the financial structure, the flow of funds, liquidity, stock prices and in the know shareholders satisfaction. That is why management exercises a high degree of judgment establishing a sound dividend pattern.Dividend PolicyDividend Policy Vinod Kothari Corporations earn profits they do not distribute all of it. Part of profit is ploughed back or held back as kept up(p) earnings. Part of the profit gets distributed to the shareholders. The part that is distributed is the dividend. The ratio of the actual distribution or dividend, and the total distributable profits, is called dividend payout ratio. How much of its profits should a corporation distribute? There are several considerations that apply in answering this question. Hence, companies have to frame and work on a unequivocal policy of dividend payout ratio.Of course, no corporate management can afford to disturb to a fixed dividend payout ratio year later onward year incomplete is such fixity of dividend payout ratio required or judge. However, management has to broadly decide its policy on its broad attitude towards distribution liberal dividend payout ratio, or conservative dividend payout ratio, etc. If one were to ask this question in context of debt sources of capital for example, how much interest should a corporation pay to its bankers, the answer is straight forward. As interest paid is the cost of the borrowing, the lesser the interest a corporation pays, the better it is.Besides, companies do not have choice on paying of interest to lenders as the rate of interest is contractually fixed. Rate of dividends may be fixed in case of preference shares too. However, in case of rightfulness shares, there is no fixed rate of dividends. It cannot be said that the dividend paid is the cost of legality capital if that was the case, corporations may try to minimize the dividend distribution. Hence, the following points emerge as regards the dividend distribution policy The cost of fair-mindedness is defined as the rate at which the corporation must earn on its faithfulness to keep the market price of the righteousness shares constant.Let us further suppose that the market price of the shares is obtained by capitalizing the earnings of the corporation at a certain capitalization rate the capitalization rate itself depending on the riskiness or beta of the industry. Suppose the corporation does not earn any profit. Shareholders were expecting a certain rate of harvesting on their shareholding hence, share prices will fall at the expected recurrence on fair play. On the other hand, if just the expected rate of issuing is earned by the corporation, the price of virtue shares be constant if the earnings are entirely distributed, and xactly grows by the expected rate of return if the earnings are entirely retained. The supra discussion leads to the completion that the cost of equity is not the dividends but the return on equity hence, a corporation cannot work on the objective of minimizing dividends. Equity shareholders are the owners of the corporation hence, retained earnings ultimately belong to the shareholders. Supposing a company earns return on equity of 10%, and retains the whole of it, the retained earnings increase the net asset tax (NAV) of the equity shares exactly at the rate of 10%.Assuming there are no other factors impact the equity price of the company, the market price of the shares should exactly go up by 10% commensurate with the increase in the NAV of the shares. That is to say, shareholders gain by way of appreciation in market price to the extent of 10%. On the other hand, if the company distributes the entire earnings , shareholders earn a cash return of 10%, and there is no impact on the NAV of the shares, hence, the like should remain unchanged.Therefore, in both the cases, the shareholders earned a return of 10% in the first case, by way of harvest-festival or capital appreciation, and in the second case, by way of income. In other words, scarcely because the corporation is not distributing profits does not mean it is depriving shareholders of the rate of return on equity. The above two points reflect the indifference, sometimes referred to as ir relevance of dividend policy (see Modigliani and Miller approach later in this Chapter) from the viewpoint of both the company or its shareholders. Supposing the corporation decides to retain the entire earning.Obviously, the corporation would earn on this retained profit at the applicable return on equity. discover that the return on equity is relevant, as retained earnings would be leveraged and would, therefore, benefit from the impact of lev erage too. On the other hand, if the corporation were to distribute the entire profits, shareholders reinvest/consume the income so distributed at their own rate of return. Hence, it may be contended that whether the company retains or distributes the earnings depends on whose reinvestment rate is higher that of the company or that of the shareholders?Quite clearly, the rate of reinvestment in the hand of the corporation is higher than that in the hands of the shareholders, (a) because of leverage which shareholders may not be able to garner and (b) intuitively, that is the very reason for the shareholders to invest in the company in the first place. This argument generally favors retention of profits by the company rather than distribution. As we discuss later, this argument is the basis of the Walter formula As a counter argument to this, it is contended that shareholders do not need harvest-feast only they need current income too.Many investors may sustain their livelihood on dividend earnings. Of what avail is the increase in market tax of shares, if I need cash to spend for my expenses? However, in the age of demat securities and liquid stock markets, result and income are almost equivalent. For example, if I am holding equity shares worth $ 100, which appreciate in grade to $ 110 due to retention, I can dispose off 10/110% of my shareholding, earn cash equal to $ 10, and still be left with stock worth $ 100, which is exactly the equivalent as earning cash dividend of $ 10 with no retention at all.While the above argument may point to indifference among growth and income, the frankness of the marketplace is that investors do have varying preferences for growth and income. There are investors who are growth-inclined, and there are those who are income-inclined. Majority of retail investors insist on balance between growth and income, as they do not see an exact equivalence between appreciation in market value and current cashflows. Hence, the co nclusion that emerges is that companies do have to strike a balance between shareholders need for current income, and growth opportunities by retained earnings.Hence, dividend policy still remains an important consideration. While making the above points, there are certain special points that affect particular authority that need to be borne in mind Companys reinvestment rate lower than that of shareholders Sometimes, there are companies that do not have remarkable reinvestment opportunities. More precisely, we say the reinvestment rate of the company is lesser than the reinvestment rate of shareholders. In such cases, obviously, it is better to pay earnings out than to retain them.As the unspotted theories of impact of dividends on market value of a share (see Walters formula downstairs) suggest, or what is anyway intuitively understandable, retention of earnings makes sniff out only where the reinvestment rate of the company is higher than that of shareholders. Tax disparit ies between current dividends and growth In our discussion on indifference between current dividends and share price appreciation, we have imitation that taxes do not quicken a spoilsport. In fact, quite often, they do.For example, if a company distributes dividends, the same may be taxed (either as income in the hands of shareholders, or by way of tax on distribution like dividend distribution tax in India). Alternatively, if the shareholders have a capital appreciation, which they encash by partial settlement of holdings, shareholders have a capital gain. Taxability of a capital gain may not be the same as that of dividends. Hence, taxes may differentiate between current dividends and share price appreciation. Shares with fixed returns Needless to say, there is no relevance of dividend policy where dividends are payable as per terms of issue for example, in case of preference shares. Entities requiring minimum distribution There might also be situations where entities are re quired to do a minimum distribution under regulations. For example, in case of real estate investment trusts, a certain minimum distribution is required to attain tax diaphanous status. There might be other regulations or regulatory motivations for companies to distribute their profits.These regulations may impact our discussion on relevance of dividend policy on price of equity shares. Unlisted companies Finally, one must also short letter that discussion above on the parity between distributed earnings and retained earnings the latter leading to market price appreciation will have relevance only in case of listed firms. Technically speaking, in case of unlisted firms too, retained earnings belong to the shareholders, as shareholders after all are the owners of the residual wealth of the company. However, that residual ownership may be a myth as companies do not istribute assets further in event of winding, and winding up is a rarity. The discussion in this chapter on dividen d policy, as far is relates to market price of equity shares, is guardianship in mind listed firms. In case of unlisted firms, classical models such as Walters model or Gordon Growth model discussed below may hold relevance than market price-based models. From dividends to market value of equity Dividend capitalisation approach If, for a second, we were to ignore the stock market capitalisation of a company, what is the market value of an equity share?Say, we take the case of an unlisted company. We know from our discussion on present values that the value of any asset is the value of its cashflows. What is the cashflow a shareholder gets from his equity? As long as the company is not wound up, and the shareholder does not sell the stock, the only cashflow of the shareholder is the dividends he gets. It is well-situated to understand that if we are not envisaging either a sale of the shares or a liquidation of the company, then the current of dividends may be chance upond to cont inue in perpetuity. Hence, VE = ? ? (1 + K i =1 Di E )i (1)Where VE Value of equity K E Cost of equity Di dividends in paid in year i equation (1) is easy to understand. Shareholders continue to receive dividends year after year, and these dividends are discounted by the shareholders at the cost of equity, that is, the required return of the shareholders. If the stream of dividends is constant, then Equation (1) is actually a geometric furtherance. We can bull Equation (1) either to compute the price of equity, if the constant stream of dividends is known, or to compute the cost of equity, if the dividend rate and market price of the shares is known.Applying the geographical progression formula for adding up continual progressions, assuming constant dividends equal to D, Equation (1) above becomes VE = = D (1 + K E ) ? (1 ? 1 ) 1+ KE (2) D KE Example Supposing a company the nominal value equity were $ 100, and the dividends at the rate of 10 % were $ 10, if the cost of equity is 8%, then the market price of the shares will given by 10/8%, or $ 125. Incorporating growth in dividendsIn our over-simplified example above, we have taken dividends to be constant. It would be unusual to expect that dividends will be constant, particularly where the company is not distributing all its earnings. That is to say, with the retained earnings, the company has increasing profits in nonparallel years, and therefore, it continues to distribute more. If dividends grow at a certain intensify rate, say g, then, Equation (2) above becomes VE = D (1 + g ) (1 + K E ) = ? (1 ? 1+ g ) 1+ KE (3) D (1 + g ) KE ? gNote that we have assumed here that even the first dividend will have grown at g rate, that is, the historical dividend has been D, but we are expecting the current years dividend to have increased at the constant rate. If we assume the current years dividend will not show the growth, and the growth will come from the forthcoming year, then we can remove (1+g) in the nu merator above. The formula as it stands is also referred as Gordons dividend growth formula, discussed below. Example Supposing a company the nominal value equity were $ 100, and the dividends at the rate of 10 % were historically $10.Going forward, we expect that the dividends will continue to grow at a rate of 5% per annum. If the cost of equity is 8%, what is the market value? We put the numbers in the formula and get a value of $350. Note that we can also test the valuation above on Excel. If we take sufficient number of dividends, say, 1000, successively growing at the rate of 5%, and we discount the entire stream at 8%, we will get the same value. Example Supposing a company the nominal value equity were $ 100, and the dividends at the rate of 10 % were historically $10.Going forward, we expect that the dividends will continue to grow at a rate of 12% per annum. If the cost of equity is 8%, what is the market value? This is a case where the growth in dividends is higher than t he discounting rate. The growth in dividends is a multiplier the discounting rate is a divisor. If the multiplier is higher than the divisor, then the present value of each successive dividend will be higher than the previous one, and hence a perpetual series will have infinite value. There is yet another notable point the growth rate g above may be also be visualised as the appreciation in the market value of the share.That is, shareholders are rewarded in form of current earnings as well as growth in the value of their investment. Dividend-based equity models Walter Approach The Walter formula belongs to James E Walter, and is based on a simple argument that where the reinvestment rate, that is, rate of return that the company may earn on retained earnings, is higher than cost of equity (which, as we have discussed before, the expected returns of the shareholders, or rate of return of the shareholders), then, it would be in the interest of the firm to retain the earnings.If the c ompanys reinvestment rate on retained earnings is the less than shareholders rate of return, the company should not retain earnings. If the two rates are the same, then the company should be indifferent between retaining and distributing. The Walter formula is based on a simple analysis that the market value of equity is the capitalisation of the current earnings and growth in price (g in our formula in equation 3 above). Hence, the basis of Walter formula is VE = D +g KE (4) Here, the growth factor occurs because the rate of return on retention done by the company is higher than the cost of equity.That is to say, the company continues to earn at r rate of return on the retained earnings, and this is what causes growth g. Hence, g= r (E-D)/ K E Inserting equations (5) into (4), we have VE = (5) D KE + r (E D)/K E KE (6) Where r = rate of return on retained earnings of the company E = earnings rate D = dividend rate Example Supposing a company the nominal value equity is $ 100, and the dividends at the rate of 10 % are $10. Supposing the company earns at the rate of 12% , what is the market value of equity if the the cost of equity is 8%?The market value of the share comes to $ 162. 50. This is explainable easily. As the company is earning $12, and distributing $10, it retains $ 2 every year, on which it earns at 12%. The capitalised value of 0. 24 at 8% will be the expected growth. Therefore, the sustainable earnings of the shareholders will be $ 10 +3, which, when capitalised at 8%, produces the value $ 162. 50. Of course, the find out learning from Walters approach is not what the market value of equity is, but how the market value of equity can be maximised by following a proper distribution policy.For instance, in the present case, it is not advisable for the company to distribute any dividend at all, as the company earns more than the shareholders opportunity rate. If the company was not to distribute anything, the market value of the share may increase to $ 225. Gordon growth model Gordons growth model is simply Equation (3) above, that is, VE = D (1 + g ) KE ? g This is, as we have seen above, derived from perpetual sum of a geometric progression, under the assertion that the growth rate is less than the cost of equity. Modigliani and Miller approachFranco Modigliani was awarded Nobel measure in 1985 and Merton Miller in 1990 (along with Markowitz and Sharpe). M&038M have theorised on the irrelevance of the capital structure, and a corollary, irrelevance of the dividend payout ratio to the value of the firm. Like several financial theories, M&038M hypothesis is based on the argument of efficient capital markets. In addition, we believe that a firm has two options (a) It retains earnings and finances its new investment plans with such retained earnings (b) It distributes dividends, and finances its new investment plans by issuing new shares.The intuitive background of the M&038M approach is extremely simple, and in fact, almost selfexplanatory. It is based on the following propositions Why would a company retain earnings? Only tenable reason is that the company has investment opportunities. If the company does not retain earnings, where does it finance those investment opportunities from? We may assume a debt issuance, but then as M&038M otherwise propounded irrelevance of the capital structure, they see a parity between debt and equity, and hence, it does not make a difference whether the new investments are funded by equity or debt.So, let us assume that the new growth plans are funded by equity. Shareholders price the equity shares of the company to take into account the earnings and the retentions of the company. If the company distributes dividends, the shareholders take into account that fact in pricing of the shares if the company does not distribute dividends, that is also reflected in the pricing of the shares. If dividends are distributed, the financing needs of the company will be funded by is suing new shares. The issue price of these shares will compensate for the fact that the dividends have been distributed.That is to say, the market price of the share will remain unaffected by whether the dividends have been distributed or not. Let us take a one year time horizon to understand the indifference argument of M&038M. We use the following new notations Po P1 D1 n m I X Price of the equity share at point 0 Price of the equity share at point 1, that is, end of period 1 Dividend per share being paid in period 1 existing number of issued shares new shares to be issued Investment needs of the company in year 1 Profits of the firm year in 1 The relation between the price at the beginning of the year (Po), and that at he end of the year (P1) is the simple question of discounted value at the shareholders expected rate of return (KE). Hence, Po = (P1 +D1) / (1+(KE) (7) Equation (7) is quite easy to understand. Shareholders have got a cash return equal to D1 at the end of Year 1, and the share is still worth P1. Hence, discounted at the cost of equity, the discounted value is the price at the beginning of the period. Alternatively, it may also be declared that the P1 = (P0 )* (1+(KE) D1 (8) That is to say, if the company declares dividends, the price the end of year 1 comes down to the solution of the distribution.Equation (7) can be manipulated. By multiplying both sides by n, and adding a self-cancelling number m, we may write (7) as follows nPo = (n+m)P1 -mP1 +nD1)/(1+(KE) (9) Note that we have multiplied both sides by n, and the added number m along with m is cancelled by deducting the same outside the brackets. mP1 represents the new share capital raised by the company to finance its investment needs. How much share capital would the company need to raise? Given the investment needs I and the profits X, the new capital issued will be given by the following mP1 = I (X nD1) (10)Again, this is not difficult to understand, as the total amount of profit of the company is X, and the total amount distributed as dividends is nD1. Hence, the company is left with a funding gap as shown by equation (10). If the value of mP1 is substituted in Equation (9), we have the following nPo = (n+m)P1 I (X nD1)+nD1)/(1+(KE) (11) As nD1 would cancel out, we will be left with the following nPo = (n+m)P1 I + X /(1+(KE) (12) Since nPo is total value of the stock at point 0, it is seen from Equation (12) that dividend is not a factor in that valuation at all.

Famous Quotes for Teachers Essay

I often admire about teachers who educated famous spate such as Einstein, Abraham Lincoln, and the like. Were these teachers in particular qualified to inspire their students to achieve fame and success? Or were these teachers Just marginal lucky to lead exceptionally talented students? Do some teachers have the rare quality of turning dust into gold? The answer may not be easy to find. Andy Rooney Most of us end up with no more than five or six people who entertain us. Teachers have thousands of people who remember them for the rest of their lives.Haim G. Ginott Teachers are expected to range of a function unattainable goals with inadequate tools. The miracle is that at times they accomplish this impossible task. anon. Leading a child to learnings treasures, gives a teacher untold pleasures Teachers dont impact for a year, but for a lifetime. Chinese proverb Teachers open the door. You enter by yourself. Bill conjecture I think a secure profession for young people is histor y teacher, because in the future, there will be so a great deal more of it to teach.Howard Lester I have been maturing as a teacher. New experiences acquire new sensitivities and flexibility Hippocrates I swear to hold my teacher in this art equal to my own parents to make him partner in my donjon when he is in need of money to share mine with him to forecast his family as my own brothers and to teach them this art, if they want to learn it, without fee or indenture. Edward Blishen Life is amazing and the teacher had better prepare himself to be a medium for that amazement.

Economic Concepts Involved Essay

The economic concepts involved in this yell are basically the credit carts and the loans. Interest rates are as well as involved as well. Interest is charged by lenders as cost for the loss of the assets use. In the process of lending money, the lender could make up invested the funds instead of lending them out. With lending a turgid asset, the lender may have been able to generate income from the asset should they have decided to use it themselves.People started to take loans for housing purposes in the States at that time. They wanted to cloud houses or to invest these loans or to cloud bonds so that they could get more money on returns. Investments are negatively related to interest rates. So when interest rates increases, investment ordain be high. They could also buy bonds with these loans. If interest rates are high, pry of money decreases and the bonds purchased by the people for future prospects exit be of lesser value in present but when interest rates declines, bo nds will be more profitable.THE FINANACIAL CRISIS IN AMERICAThe financial system in the States was hit by many factors among which the main was the change in ability to create new lines of credit. This made to dry up the coldness cash of the financial institutions and hinged their credit and ability to make new loans. Also, it must(prenominal) be noted that cheap credit made people to buy more houses or investments.This created more money in the market make inflation. The increased loan packaging, market and incentives had prompted borrowers to presume difficult mortgages in the doctrine they would be able to quickly refinance at more well-disposed name. But due to a drop in housing prices and rebellion in interest rate, difficulty in refinancing started. The consequences of this trend led to a huge loss of banks. The credit dried up, the housing market declined and so forth The whole financial system was crushed.This song does not demonstrates the actual scenario of the USA crisis but it simply presents an outlook of a working man who is nonrecreational hard due to governments system.References-Cowboybleau, Single Review culmination Detroit Down by John Rich. February 11, 2009.Available at http//countrycentral.wordpress.com/2009/02/11/single-review-shuttin-detroit-down-by-john-rich/Shakil-ur-Rahman,Mir.  Overview of Economic hatful 2008-09.The NewsKarachi. June 12, 2009.Available at http//www.thenews.com.pk/daily_detail.asp?id=182548Interest Rate at Investopedia. Available at http//www.investopedia.com/terms/i/interestrate.asp