Research methodology in Strategic Human Resource Management Paper

Methodology in Strategic Human Resource Management - Research Paper Example This work would evaluate the research philosophies, strategies and methods employed in some human resource research journals/articles. There are some philosophical principles that were used in the research to make it more effective. The principle of social constructivism was well applied when the researchers set a friendly atmosphere before engaging some workers in some interviews. The researchers understood the fact that each organization has policies which limit some workers from handling some questions or duties within the organization. The research team had to be clear on the intention or purpose of their research as well as the assurance that it would have no negative implication on their career. However, the principle of participation was not well utilized since the research team only involved employees from specific departments and left out the rest, they should have sampled their respondents to represent the entire organization to limit biasness (Wilkins, 2009). Positivist an d constructivist principles are important for any research, they help one judge the quantitative and qualitative implications in any research. Quantitative research is that which figures can be used to back or support its finding while qualitative research is that which cannot be quantified or rather based on facts or theories. E-HRM research considered the constructivist principles when the employees were asked to give their thoughts or verdicts with the technology concerned. The majority were for the idea that it would improve the effectiveness of human resource in the organization. The technology requires a few IT specialists and a smaller space to operate and furthermore, it simply records all income and expenditure details in terms of time of transaction and amount among other details. It also saves on organization resources spent to recruit, train and supervise workers in various departments (Parry, 2011). The technology also promotes self-service management system in the mode rn workplaces. Here the employees convey their complaints or concerns through secured web-channels to the top management team or the employer. Researchers tried to compare the E-HRM and the traditional human resource and they found out that they were labor and technology oriented respectively. Furthermore, E-HRM depends wholly on advanced software to manage and monitor some of the important human resource elements in a certain organization. Traditional human resource, on the other hand, uses human resource managers, directors and secretaries but oversees major human resource issues. However, positivist principles were not effectively applied in the research. The article ought to record numerical values of the findings. For instance, the researchers should have recorded the number of human resource employees in E-HRM system and compared with that of traditional human resource management. The article is not clear on some of the research strategies employed. However, from the findings, one can depict that the researchers must have prepared research questions about the kind of findings they expected. The questions could have been withdrawn from prior similar research and internet sources among others. They ought to have indicated how they conducted their pre-visit study to converse themselves with the study environment. This would also enable them to get to know the estimate population of the study area. This would guide the researchers in decision on the

The nutritional status Essay Example for Free

The nutritional status Essay The individual (a male patient) was about 5’9† in height and weight 105 kilograms, was obese (classified as fat by the Food Standard Agency, UK). He was overweight by about 30 kilograms for his height. His waist circumference was about excess by about 6 to 7 centimetres, meaning that he had accumulated excessive subcutaneous fat in the abdominal and the hip region. His body mass index (BMI) was also suggesting that he was obese and needed to lose weight (according to the Food Standard Agency, UK). His BMI was about 36. 3 and that of normal ranges from 18. 5 to 24. 9, and overweight ranges from 25. 0 to 29. 9. Any value about 30 is considered to be as obese (NHLBI). The individual’s blood pressure is about 165/92 mm Hg which suggests that the individual is suffering from stage 2 or severe hypertension. Any value above 160 mm Hg systolic or 100 mm Hg diastolic can be considered as severe hypertension (according to Mayo Clinic, 2007). The exact cause for the hypertension is really not known, but several risk factors such as increased body weight, physical inactivity, high sodium intake, elevated blood glucose levels, high cholesterol and triglyceride levels, etc may play a major role in the development of the disease. The blood pressure is a product of the cardiac output and the peripheral vascular resistance. Since these are both raised, the blood pressure is elevated (Mayo Clinic, 2007). The individual is at a risk of developing stroke, heart attacks, heart failure and kidney failures due to the severe hypertension (Medline Plus, 2007). The normal blood pressure ranges from 115 to 120 mm Hg for systole and 75 to 80 mm Hg for diastole (Mayo Clinic, 2007). The individual’s cholesterol levels are about 7. 5 mmol/L which puts him at a very high risk of developing heart disease (anything above 6. 2 mmol/L are considered as high-risk) (according to the NHBLI, 2001). The individual’s plasma triglyceride level is slightly high which puts him at a higher risk of developing atherosclerosis, heart disease and stroke. Individuals with diabetes mellitus not undergoing treatment are also at a higher risk of developing elevated plasma triglyceride levels. The individuals fasting blood glucose level is about 8. 4 which is very high compared to the normal limits. This suggests that he could be suffering from type II diabetes mellitus (Mayo, 2006). Individuals who are suffering from diabetes mellitus are more likely to develop several complications including a fatal outcome when they are affected with a cardiovascular episode such as a heart attack or angina. The plasma sodium levels are slightly higher suggesting an increased risk of hypertension and developing heart diseases such as heart failure and left ventricular hypertrophy (LVH) (Better Health Channel, 2007). The plasma potassium levels are within normal ranges. The mean corpuscular value of the red blood cells is reduced (the individual could be suffering from microcytic anaemia) which usually develops in iron deficiency anaemia (Lab Tests Online, 2005). The haemoglobin levels are also below normal suggesting that the individual is suffering from anaemia (Lab Tests Online, 2005). The Blood urea nitrogen levels are within normal limits, but are towards the higher side, suggesting that the individual could be having a risk of developing a heart attack or kidney failure in the future (Richards, T, 2005). The creatine kinase levels are within the normal limits in the body, but are towards the higher side suggesting that there is a risk of damage occurring to the muscles of the heart (MDA, 2000). The AST levels (a liver enzyme) are within normal limits. The individual is following a sedentary lifestyle and is consuming about 3500 cal per day which is far too much. His actual calorie consumption per day should be about 2500 calories per day (Nutri-Facts, 2000). The individual is consuming a diet of 45% carbohydrate, 40% fat and 15% protein. The intake of fats is very high. An idea ratio would be 60-70 % carbohydrates, 15 % proteins and 20 % fats. A high-fat diet is further contributing to the cholesterol levels, the arthrosclerosis process and increasing the risk of hypertension and cardiovascular disease (Diabetes India). What dietary recommendations and life style changes would you recommend? Discuss the issues you would need to consider when constructing a suitable dietary regimen for this patient. The individual should ensure that he consumes a balanced diet not only containing adequate amounts of macronutrients (that is carbohydrates, fats and proteins), but also sufficient amounts of micronutrients (that is vitamins and minerals). The individual is suffering from iron deficiency anaemia, and hence a diet containing vitamin B12, folic acid and iron should be administered. Iron and Vitamin B supplements may also be required. Blood tests should be frequently conducted to ensure that the haemoglobin levels and the MCV are monitored (NHS, 2007). As the individual is suffering from diabetes mellitus, the intake of calories and fats should be reduced or modified. Simple sugars should be avoided and instead complex polysaccharides should be consumed (in the form of starch). The fibre quantity in the diet should also be increased. The individual should be treated for diabetes through insulin and/or oral-anti-diabetic drugs, as the sugar level is very high. The blood glucose levels should be constantly monitored to ensure that modifications are initiated as early as possible (Mayo, 2006). The individual should consume a low fat diet, which is about 20 % of the macro-nutrient ratio. More of High density lipoproteins (HDL) should be consumed instead of the low density lipoproteins (LDL). The LDL contributes to the bad cholesterol present in the body and could worsen the risk of developing heart disease (Diabetes India). The salt intake should be reduced as it could worsen the hypertension and could also cause heart failure and fluid retention (Diabetes India). The individual requires treatment of hypertension so that the blood pressure is brought within limits and the risk of developing cardiovascular disease is lowered. Antihypertensive medications are required to control the blood pressure. Some of the different groups of drugs that may be required include diuretics, beta blockers, ACE inhibitors, calcium channel blockers, vasodilators, etc (Mayo, 2007). These should be consumed as recommended by the physician. The individual’s blood pressure should constantly be monitored to ensure that modifications are made as early as possible. Besides, lifestyle changes are also required, which are also required to control the diabetes and hypertension (Mayo, 2007). Medications should be taken regularly and on time. Meals should not be skipped and should be consumed on time as directed by the nutrients. Smoking should be stopped and alcohol consumption should be minimised. Feasting or fasting should be avoided. Regular exercises are necessary to ensure that the weight is brought to a level which is less damaging for the body. The individual should take adequate rest and consume plenty of water in a day (Mayo, 2006). References: American Heart Association 2007. Triglycerides, [Online], Available: http://www.betterhealth.vic.gov.au/bhcv2/bhcarticles.nsf/pages/Salt?open

Comparing A Dolls House and Oedipus Rex Essay -- comparison compare c

Comparing A Doll's House and Oedipus Rex Ibsen's drama "A Doll's House", serves as an example of the kind of issue-based drama that distinguishes Ibsen from many of his contemporaries. The play's dialogue is not poetic, but very naturalistic, and the characters are recognizable people. Given the sense of modernity which the play possesses it seems unusual to compare it to a Greek tragedy produced more than two-thousand years previously. On closer examination however, there are certain similarities between the way in which "A Doll's House" is plotted and a tragedy such as Oedipus Rex. Both "Oedipus" and "A Dolls' House" depict disastrous events that occur to two very different characters. At the start of Oedipus, we encounter a hero who is almost universally adored. Oedipus is a popular king who by the end of the play will be reduced to the lowest level possible. Classically the tragic hero began a piece as a man of high position since this made his demise all the more tragic. That the tragic centre if Ibsen's play is both female and not particularly birth is a distinct departure from the classical condition of tragedy. Ibsen has moved many concepts of the genre and placed them in a domestic setting. In order to see the way Nora can be viewed as a true tragic heroine it is useful to examine some of the concepts which Greek tragedy frequently made use of. In both plays the trouble that befalls the lead characters are due to their own actions Oedipus commits a series of huge mistakes the significance of which are not really understood until it is too late. In "A Doll's House", Nora borrows a sum of money, an action that will tear her family apart. The idea that the tragedy of a play begins with a hug... ...2-838. O'Brien, Michael J. Introduction. In Twentieth Century Interpretations of Oedipus Rex, edited by Michael J. O'Brien. Englewood Cliffs, NJ: Prentice-Hall, Inc., 1968. Segal, Charles. Oedipus Tyrannus: Tragic Heroism and the Limits of Knowledge. New York: Twayne Publishers, 1993. Sophocles. Oedipus Rex. Transl. by F. Storr. no pag. Available http://etext.lib.virginia.edu/etcbin/browse-mixed new?tag=public&images=images/modeng&data=/texts/english/modeng/parsed&part=0&id=SopOedi "Sophocles" In Literature of the Western World, edited by Brian Wilkie and James Hurt. NewYork: Macmillan Publishing Co., 1984. Van Nortwick, Thomas. Oedipus: The Meaning of a Masculine Life. Norman, OK: University of Oklahoma Press, 1998. Watling, E. F.. Introduction. In Sophocles: The Theban Plays, translated by E. F. Watling. New York: Penguin Books, 1974.

Reimbursement and Pay for Service Essay

Introduction In this paper we will discuss what pay for performance is and explain what the reimbursement affect is. In this paper it will show how the system figures out cost reduction and the impact of the quality care patients receive. How does reimbursement and pay for performance affect the physicians? Does this affect us now and will it in the future? Health care has been changing dramatically because of history, political and social along with economical reasons. Reimbursement and pay for performance can and may even change the quality of care. Pay-for-performance because our current payment system we are using is not emphasizing preventive care for patients or consumers. Pay-for-Performance is payment used in the health care it is and has been based off of clinical information. The idea is to help tie the payment to what and how well providers help the cost of health care drop. The intent is for preventive care medicine to helping decrease and help with the management of chronic illness. (Pay-for-Performance Incentive Programs in Health Care ( N.D.) With in several months studies have shown that the studies show that the pay for performance works and others that say it does not work. Effect of Pay-for-Performa nce on Reimbursement Here are some examples of pay for performance is Bridges of Excellent, which is a nonprofit health care plan. Its major factor is patients with diabetes. They feel like over 60% of patients with diabetes don’t get the proper treatment and care. The American Diabetes Association has standards and the Bridges to excellent plan gives annual bonuses to physicians in specific areas such as Boston, Louisville and Cincinnati these cities could and have meet the requirements of this health care plan. On this plan Diabetic care calls for the patient being compliant with care and medications. In this plan the blood sugar test and kidney function and retinal exams would have  to be done on a consistent bases. In this plan compensation is up to and over $100.00 per patient for the providers that stick to the rules. Another plan is Anthem Indianapolis this plan started in 1999 that employed over 25 OBGYN providers in Ohio. This is the oldest plan within the US. This plan is done on and by patient satisfaction. Providers push generic drugs instead of name brand ones. Pay For Performance Pay for performance is a movement in health care field. Providers under this arrangement are rewarded for meeting pre-established target dates for specific health care services or procedures. This is also known as â€Å"P4P† or â€Å"value-based purchasing,† this rewards physicians, clinics, and rehabilitation centers, Surgical clinics, hospitals, medical groups, and other healthcare providers. They are rewarded for meeting certain performance measures, as well as quality and efficiency. (Wachter, Bob; (2012) Pay for performance does things such as eliminating payments for negative consequences of care. Which can be medical errors from all health care providers. Errors have increased costs. With increase of seasoned senior citizens and disability patients the high rising cost of health care has brought the P4P to the front of the line. Brought P4P to the forefront of health policy discussions. There have been some studies done by several large healthcare systems. With this it has shown improvements with specific outcomes. A little efficiency has taken effect, but at no cost savings. How much are they really saving because the cost of administrative services is still required. Explains how reimbursement is affected by the pay-for- performance approach. Within the last decade or years the economy has had many people becoming unemployed and finding jobs at a lower pay rate as to where they cannot afford insurance because they are to high. With being done more people are applying for Medicaid and with all the seasoned senior citizens retiring and receiving Medicare these two insurances are already participating in this service. Majority of health care systems are participating. Many believe  that for- profit and non-for-profit health care facilities believe in lower cost for providers that meet the standards of quality care. Care field. There is a perception that cost is driving up health care treatment. Cost reductions lowers cost of visits, emergence room visits, and urgent care visits. It also helps providers to promote preventive care to their patients. Making sure that all hospitals and providers are on the same scale of service. Preventive care helps prevent insurance premiums from rising at cost to the company and consumer. Effect of Pay-for-Performance health care Providers and their Patients This plan has the support of providers, hospitals and even patients. With this pay for providers must have and use good judgment for treatment and medication and test that maybe ran. The health care cannot be rated by race, ethnic background, or the patient’s social status. This plan should not judge by a patient’s location. This plan is and should be a relationship between patient and provider. The provider needs to understand the patients beliefs and it may help them to treat them and respond to certain myths and recommendations that the provider may suggest. Hospitala and providers and helat care workers are being encouraged to buy into the P4P by different agencies and tahe government. Individual health plans area chiming in also. It has pros and cons such as weakness that may or may not improve health care. It is suppose to help lower or slow down ER visits and physicians visits. Now if the providers give quality and efficent care they would and could get financial rewards if patient care improves. P4P measures performance and policy set up for putting this service in action. Discusses the effects pay-for-performance will have on the future of health care The P4P effects that will be seen in the future of health care is that the health care field will see it expand. Pay-for-Performance-defined a reimbursement service that will have links to payments for quality care, which will be an incentive to help improve health care quality of patients by physicians, and hospitals. In improving health care it is suppose to reduce the cost of It was expected that hospitals and providers would respond to P4P incentives. For future health care will based on quality health care and it will become a contract for reimbursement. Patients should feel like they have gotten the  value of their money. One effect of future health care is those physicians and hospitals that don’t participate will be at less to receive patients. Patients that have this health care plan will be more apt to seek physicians that participate. (Goldberg, L; (2006) Conclusion People in the health care field are getting interested in the pay for performance because the health care guidelines and regulations are changing in Medicaid, Medicare and private insurance. More hospitals and clinics and specialty facilities and rehab centers are loving receiving incentives for their participation and in the process they are saving cost to patients and insurance companies. P4P is working with insurance companies and providers for the quality of care for patients to be improved. Now managed care is now looking at pay for performance. Reimbursement being linked to pay for performance is like being paid to shop for the best bargain or the most person to fit your needs.

Christmas and Women Essay

â€Å"It was not the hard work which he hated, nor the punishment and injustice. He was used to that before he ever saw either of them. He expected no less, and so he was neither outraged nor surprised. It was the woman: that soft kindness which he believed himself doomed to be forever victim of and which he hated worse than he did the hard and ruthless justice of men. † (Faulkner 158) In William Faulkner’s Light in August, Joe Christmas’s misogynistic view towards women has reason behind it, based on his negative past with significant female characters. The above quote emphasizes his feelings towards women, describing how Joe is able to handle the harshness of a man, but cannot stand the weak and nurturing nature of a woman. Moreover, he believes women are only out to make him cry, as we see with his attitude towards the dietitian and Mrs. McEachern. Over the course of his life, beginning with the absence of a mother, Joe has been impacted by several female influences, from a brief stint with an orphan girl, Alice, up to his lack of a relationship with his mother, Millie. These women have led to Joe’s distrust and pure hate of femininity. Alice, a twelve year-old girl from the orphanage, is his first encounter with a maternal figure. Joe relies on Alice as a supportive comfort, as he does not have a mother or any adult figure to turn to, for that matter. â€Å"He had liked her, enough to let her mother him a little; perhaps because of it. And so to him she was as mature, almost as large in size, as the adult women who ordered his eating and washing and sleeping, with the difference she was not and never would be his enemy. One night she waked him. She was telling him goodbye but he did not know it. He was sleepy and a little annoyed, never full awake, suffering her because she had always tried to be good to him. He didn’t know that she was crying because he did not know that grown people cried, and by the time he learned that, memory had forgotten her. He went back into sleep while still suffering her, and the next morning she was gone. Vanished, no trace of her left, not even a garment, the very bed in which she had slept already occupied by a new boy. He never did know where she went to. † (Faulkner 127-8) When Alice leaves, Joe is confused and feels lost. He then has no one to rely on, learn from, or be close to, in such a setting. With this experience, he feels as if women are unpredictable and will leave at any given point. There is not consistency in relationships with them and, therefore, they cannot be trusted. â€Å"The incident speaks volumes of what the child at the orphanage had lacked, the lack that was to warp him away from womankind† (Brooks xxiii). It is understandable that this â€Å"abandonment† could have such an impression on a young mind with no real stability in his life. The Freudian theory applies here, with the idea that childhood experiences mold an individual most significantly and they determine the attitudes and perceptions of said individuals in their futures. (Hamblin and Peek 303) Also at the orphanage is the dietitian, who is another female influence, contributing to Christmas’s misogynistic attitude. After Joe has been caught consuming pink toothpaste, he expects punishment. However, she does not reprimand him immediately and he agonizes over the anticipation. â€Å"It never occurred to her that he believed that he was the one who had been taken in sin and was being tortured with punishment deferred and that he was putting himself in her way in order to get it over with, get his whipping and strike the balance and write it off† (Faulkner 115). This is when he first gets the idea that women are only out to make him cry. He believes that the dietitian is intentionally torturing him by not immediately carrying through with a punishment for his wrongdoings. The action which â€Å"adds salt to the wound† is when the dietitian, believing that the boy will convey his knowledge of her amorous actions to an orphanage authority, tries to bribe him with money. Therefore, Joe becomes confused and unsure of what to do. This only emphasizes the notion that women are unpredictable and hard to read, and that they possibly represent temptation. When Joe leaves the orphanage, he moves into the country with Mr. and Mrs. McEachern. It is possible that he would have responded positively to Mrs.  McEachern’s nurturing manner had he not dealt with those negative incidents with female figures at the orphanage. However, whenever Mrs. McEachern tries to show kindness towards Joe, he retaliates with acts of cruelty, such as when she offers him food and he dumps it on the floor angrily. Later, Joe says to himself: â€Å"‘She is trying to make me cry,’ he thought, lying cold and rigid in his bed, his hands beneath his head and the moonlight falling across his body, hearing the steady murmur of the man’s voice as it mounted the stairway on its first heavenward stage; ‘She was trying to make me cry. Then she thinks that they would have had me’† (Faulkner 158). By relying on her, Joe thinks that he would show weakness. He can handle McEachern’s harsh ways, but the weakness of Mrs. McEachern disgusts him. He fears displaying weakness, perhaps because he is weak in not knowing his past and not understanding who he is through his adolescence. Because he does not know his parentage, he struggles not only with his racial identity, but his personal identity as well. And, â€Å"the more Mrs. McEachern attempts to mother Christmas, the further her pushes her away† (Schisler 2008). Throughout Joe’s young adult years, he has relationships with several women, namely prostitutes (or â€Å"waitresses†). He routinely tells them of his racial status, either to shock or disgust them or to test their feelings toward him. With these reactions, he travels from woman to woman to find his identity. However, his first real love is with the waitress, Bobbie Allen. Joe’s initial attraction is to her manly features, such as her masculine hands. He tells her that he is part Negro to test her love for him. He sincerely opens up to her often, but when she ultimately rejects him, he is crushed. She could have been the one to â€Å"save† him from his hatred of women and his hateful past. A contribution to their relationship is Joe’s distance from nature. He is far from nature, the natural representation of femininity (Brooks xvii), and he does not accept the natural processes of life. Thus, he gets frightened and frustrated and runs away. â€Å"In the notseeing and hardknowing as though in a cave he seemed to see a diminishing row of suavely shaped urns in moonlight, blanched. And not one was perfect. Each one was cracked and from each crack there issued some liquid, death-colored, and foul. He touched a tree, leaning his propped arms against it, seeing the ranked and moonlight urns. He vomited† (Faulkner 208-9). These urns are a metaphor for women and femininity, in relation to Greek literature and the Bible (Bleikasten 286). Their cracked state and oozing liquid represents that Bobbie is no longer alluring and it shows Joe’s perception of women and how he expects them to be perfect, when he subconsciously knows that they are not. The feminine atmosphere has caused him to vomit, as he is disgusted by Bobbie and the natural processes of life. Furthermore, there is probably the most influential female role in the novel, Miss Joanna Burden. Miss Burden is Joe’s strongest lover emotionally. Again, he is attracted to her masculine qualities, not only physically, but personality-wise. During her first encounter with Joe, she takes her rape â€Å"like a man† and does not struggle or put emotion into it. She is predictable and follows a routine, much like a man, which Joe admires. Burden’s struggling betrays â€Å"no feminine vacillation, no coyness of obvious desire and intention to succumb at last. It was as if he struggled physically with another man for an object of no actual value to either, and for which they struggled on principle alone. † Also, she is a social outcast and is a pariah from the community, sharing a man’s alienation, much like Joe Christmas (Brooks xvi). In Burden, Joe could have stability to support his shaky lifestyle and troublesome past. However, their relationship is ruined because they both believe the only way it can end is in murder. Hence, Joe must kill Joanna in self-defense, fear, and love. This is the end of Joe’s amorous relationships for the rest of his life. Furthermore, Joe has been impacted by a woman who was not even there throughout the course of his life. His mother, Millie, influenced his heritage by having relations with his father. This determines his entire struggle for identity and the issues with his race in the novel and his complete lifetime. In addition, her absence as he grows up gives him no maternal love or comfort as a young child. Perhaps if she had shown him that he could have healthy relationships with women, he could see that many females can be beautiful and trustworthy people. Overall, Joe’s misogynistic attitude has been shaped by years of emotional abuse and love lost. His absence of a maternal figure when he was young and the abandonment of Alice, the only person he ever truly trusted and went to for comfort, taught him that women were unpredictable. His amorous relationships with Bobbie and Joanna taught him that, while a woman may appear attractive with masculine and predictable qualities, she is ultimately still a woman, and, therefore, untrustworthy and weak. All of these elements combine Joe and who he is, his outlooks of life, and the course his life takes.

Anhydrous Compound Definition and Examples

Anhydrous Compound Definition and Examples Anhydrous literally means no water. In chemistry, substances without water are labeled anhydrous. The term is most often applied to crystalline substances after the water of crystallization is removed. Anhydrous can also refer to the gaseous form of some concentrated solutions  or pure compounds. For example, gaseous ammonia is called anhydrous ammonia to distinguish it from its aqueous form. Gaseous hydrogen chloride is called anhydrous hydrogen chloride to distinguish it from hydrochloric acid. Anhydrous solvents are used to perform certain chemical reactions that, in the presence of water, either cannot proceed or yield unwanted products. Examples of reactions with anhydrous solvents include the Wurtz reaction and the Grignard reaction. Examples Anhydrous substances exist in solid, liquid, and gas forms. Table salt is anhydrous sodium chloride (NaCl).Gaseous HCl is anhydrous, which differentiates it from hydrochloric acid, a solution of 37 percent HCl in water (w/w).Heating copper(II) sulfate pentahydrate (CuSO4 ·5H2O) yields anhydrous copper(II) sulfate (CuSO4). How Anhydrous Chemicals Are Prepared The method of preparation depends on the chemical. In some cases, simply applying heat can drive off water. Storage in a desiccator can slow rehydration. Solvents may be boiled in the presence of a hygroscopic material to prevent water from returning to the solution.

The Womans Role in Politics essays

The Womans Role in Politics essays I believe that the womans role in politics is changing. More women are playing roles in politics, a profession historically restricted to only men. There are more women in high-level government offices than ever before. Ohio is leading the country in its promotion of female political figures. I believe it will continue to be more commonplace to see women in politics, just as it has become less of a surprise to see women at the forefront of other professions that were previously male dominated. Currently women hold 73 of the 535 Congressional seats, a number that equates to 13.6%. This number may seem low State legislatures in the United States have a female proportion of 22.4%. In 2002, women held 27.7%, or 89, of the statewide elected executive offices. The numbers dont slant to the right or to the left. Of the 89 women, 44 are Democrats, 41 are Republican, and four do not associate with either party. The female influence in politics is not an issue that hits far from home. In the state of Ohio, Republican women have made their presence felt. Martha Moore serves as the Vice Chairman of the Ohio Republican Party and she is currently the longest-serving member of the Republican National Committee. Ohio is also proud to be represented by Congresswoman Deborah Price, Lieutenant Governor Maureen OConnor, Supreme Court Justice Evelyn Stratton, and various Columbus city councilwomen. Some analysts believe that gender influences policy attitudes. One method to measure the certainty of this statement is to evaluate the number of women that have led their country. One limit on the ability to be certain about this issue is the fact that relatively few women have led their country. The number is relatively low, but it continues to grow. The number of women that led their respective country in the 1950s was merely four, but that number increased to 11 through the 1970 ...

French Words for Kisses

French Words for Kisses French has a number of different words for kiss, which, though not surprising for such a romantic language, can be confusing for French learners. The most common terms are bise and bisou, and while they are both informal with similar meanings and uses, theyre not exactly the same. Une bise is a kiss on the cheek, a gesture of friendship exchanged while saying hello and good-bye. Its not romantic, so it can be used between friends and acquaintances of any gender combination, particularly two women and a woman and man. Two men are likely to say/write it only if they are family or very close friends. Bise is most commonly found in the expression faire la bise. In the plural, bises is used when saying good-bye (e.g., Au revoir et bises tous) and at the end of a personal letter: Bises, Grosses bises, Bises ensoleillà ©es (from a friend in a sunny place), etc. Again, bises is platonic. It does not mean that the letter writer is trying to take your relationship to the next level; its basically shorthand for saying good-bye with the classic French cheek/air kiss: je te fais la bise. Familiar spelling variation: biz Un bisou is a warmer, more playful, and more familiar version of bise. It can refer to a kiss on the cheek or on the lips, so may be used when talking to lovers and platonic friends. Bisous can say good-bye to a good friend (A demain! Bisous toute la famille) as well at the end of a letter: Bisous, Gros bisous, Bisous aux enfants, etc. When saying good-bye on the phone, friends sometimes repeat it several times: Bisous, bisous, bisous! Bisous, tchao, bisous! Familiar abbreviation: bx More French Kisses Nouns un baiser - kissun bà ©cot (informal) - kiss, peckun patin (informal) - French kiss, kiss with tonguesune pelle (informal) - French kissun smack - noisy kiss Verbs bà ©coter (informal) - to kiss, smoochbiser - to kissdonner un baiser - to kissembrasser - to kissenvoyer un baiser - to blow a kissenvoyer un smack - to give a noisy kissfaire une bise/un bisou - to kiss (usually on the cheek)rouler un patin - to French kissrouler une pelle - to French kisssucer la poire/pomme - to kiss passionately, neck Warning: As a noun its perfectly acceptable, and its ok to say baiser la main, but otherwise, do not use baiser as a verb! Though it originally meant to kiss, it is now an informal way to say to have sex. Other Kisses le bouchebouche - kiss of lifele coup fatal - kiss of deathdivulguer des secrets dalcà ´ve - to kiss and tellfaire de la là ¨che (familiar) - to kiss upfaire la paix - to kiss and make upfaire un croix dessus (informal) - to kiss something good-byeplaquer - to give a boyfriend/girlfriend the kiss-offraconter ses secrets dalcà ´ve - to kiss and tellvirer - to give an employee the kiss-off

Plato Republic Essay Example | Topics and Well Written Essays - 1000 words

Plato Republic - Essay Example The Socratic dialogue that was written by Plato around 380 BC focuses on defining what is justice and character as well as the order of a just man. This piece of Socratic dialogue further seeks to establish if indeed a just man is happier than a man who is unjust. In particular, this essay aims at supporting the arguments that were presented by Plato of which the main argument is that â€Å"the best form of government, aristocracy, will eventually devolve into the worst form of government tyranny.† This key argument is built on the premise that there are five forms of governments that comprise of lovers of honor also known as timocracy. The second form of government is lovers of money also known as oligarchy. The third form of government is lovers of freedom also known as democracy. The fourth form of government is the tyranny while the fifth form of government is the lovers of excellence, which is also known as the aristocracy or enlightened monarchy. Objectors of key premise s Of all the five forms of government, aristocracy is touted to the best since it is widely considered good and just. However, a common objection to this argument is that individuals, who are from the highest class of the society, are the ones posed to lead an aristocrat government and they usually have money, land, and power. Objectors argue that in general sense, aristocrats are not able to relate with the common person and therefore, they will not be able to understand what is justice and good governance in the eyes of the common persons who normally make up the biggest percentage of the population The key premise of the Plato’s argument is that the aristocracy government will eventually convert to the worst form of government tyranny. Objections to this premise lies on the fact that the best form of government normally makes provisions that will allow active citizen participation and healthy engagement with the opposition, which means that there will be measures of checks and balance to ensure the aristocrat government does not sway to undesirable form of government. Therefore, objectors argue that there is no possibility for an aristocrat government devolving to become the worst form of government tyranny. Another key objection to the premise that have been presented by Plato is the fact that governments are not purely made up of specific groups of people, for example, those who love money, honor, freedom, or excellence. Objectors argues that it is impossible to have such unique forms of governments because government is composed of a representation of the people and therefore, it will be made up of people from different corners of the nation who subscribe to different ideologies but have a common purpose of serving the interest of their constituents. Replies to the objections Aristocracy government is made up of noble men who have worked hard in their entire life in order to even earn honorary titles if not entitled to them by virtue of family lin eage. Therefore, they will instill the virtue of hard work to the common citizens whilst providing servant leadership. Secondly, the objections given above can be refuted on the basis that aristocrat have a reputation to maintain and therefore, in all natural sense they will work towards ensuring their reputation in maintained and upheld to the highest standards. Thirdly, because of the representation of constituents in the government, the aristocracy government will be able to know and understand the plight of the common citizens. Plato argued that the best form of government, aristocracy, will eventually devolve into the worst form of government tyranny. This argument is supported by the fact that the second generation after

Critique of case 41 and 42 Study Example | Topics and Well Written Essays - 500 words

Critique of 41 and 42 - Case Study Example Pelagius asserted that the glory of the rational mind is based on the ability of man to choose freely whatever is virtuous to him. While referring to the virgin, Pelagius argues that man, like the virgin, must recognize his own strengths. This realization would enable him employ to the full. Man should teach the mind that it is possible to do anything that one certainly wants to do. Pelagius tries to justify the fact that the virgin made a wise decision. Pelagius claims the existence of a certain form of natural sanctity in the minds of men that play key roles regarding Christianity and holiness. He states that this natural sanctity, like the mind’s citadel is able to administer judgments to the sinner and righteous. The mind also condemns wrong actions committed by the person. It also has the ability to distinguish the one side from the other basing on the inner law. In other words, the Pelagius was supporting the fact that human being has inherent law that originates in the mind. Unlike the common laws, these inner laws are most reliable and incorruptible of witness. These kinds of laws are distinct from the common laws in that they are implanted in the hearts of men and women. However, the author acknowledges the fact that although man has the freedom to choose what is true or evil, others find it difficult to do good. He states that people have long habits of doing wrong (Augustine 216). This habit is ingrained in the people’s minds and heart and has infected humankind from childhood. These habits are what hold man in bondage and slavery. Pelagius termed this kind of bondage as acquired because it is not inherent. This means that it is possible for man to avoid sinning only if he accepts and repent. However, in text 42 of the article, we are presented with another version of the human nature and grace. This is where Augustine of Hippo explained his theological point of view of grace. Augustine was responding

Consumer behavior blogs Essay Example | Topics and Well Written Essays - 1000 words

Consumer behavior blogs - Essay Example In a perfect market structure, several things affect a buyer’s preference. Study of what buyers prefer is a field known as marketing psychology. According to this type of psychology, a buyer’s preference may be dependent on personal, social or psychological reasons (Dholakia, 2012). Production companies and businesses use two major research methods in order to determine the demand of a product from consumers. The two methods include secondary research and primary research. Secondary research is dependent on already existing information to predict the market demand for a given product or service. Primary research on the other hand depends on the producer’s personal research using questionnaires, surveys etc (Belch, 2004). In the subsequent blogs, we are going to see how psychological, personal and social factors affect a consumer’s behavior. In the previous blog, I introduced the concept of consumer behavior and the factors that affect a consumer’s preference to certain goods as opposed to others (Blog 1). In this part, I will be looking at the psychological effect on consumer preference. Before a consumer opts for a certain preference, there has to be a psychological intention attached to the item (Poiesz, 1993). The consumer internalizes on the value of the item towards satisfying their desire and decides what best suits them. An example of the latter is a consumer that likes to look elegant and classy; she is likely to buy the latest limited edition channel, Versace or Louis Vuitton products as opposed to upcoming designers. The consumer has the psychological perception that wearing a well-established designer satisfies her desire. The psychological effect on consumer behavior is largely dependent on perception. Most companies looking to sell their products realize that psychological perception is the key to capturing a large consumer base. Advertisement in the mainstream media

Finance Essay Example | Topics and Well Written Essays - 1000 words - 7

Finance - Essay Example Most of these tests however have been carried out in the developed countries and have largely ignored the developing countries. This paper seeks to discuss the levels of market efficiency in the Japanese equity markets in order to determine whether they are successful or not. This will be done by evaluating several empirical studies carried out in the same. Market efficiency literature review Kono, Yatrakis & Segal (2011) carried out a study on the Japanese stock market efficiency. The authors sought to compare the performance of a stock portfolio that consisted of exchange-traded funds (ETFs) against the performance of the overall stock market which was represented by the Topix Index. This was carried out using data that was available from the 30 June 2008 to 30 June 2009. In their study, they constructed the exchange traded funds according to the Modern portfolio theory that was developed in 1952 by Harry Markowitz. The study was based on the null hypothesis that â€Å"A portfolio composed of Japanese ETFs and constructed according to the MPT provides a higher return per unit of risk than the Topix Index†. In order to arrive at the optimal portfolio of ETFs, the authors used the statistical data related to the ETFs, the mean variance optimisation model of the MPT and the risk free rates as well as the expected market return. In order to help in determining the optimal portfolio, they also used a software program that was designed for the same purpose. The optimal portfolio that they used comprised of 7 ETFs which complied with the selection criteria for the study in terms of maturity and criteria. The statistical results obtained from the data analysis were used to calculate the return per unit of risk of each of the ETFs (Kono et al., 2007). The results of the study showed that the ETF portfolio that was used in the study performed better in terms of the ratio of performance to risk as compared to the overall equity market. This means that the portfol io of ETFs had a lower negative return per risk unit than the entire Japanese equity market. The study therefore concluded that it is possible for an optimal portfolio of ETFs to perform better than the whole equity market index if the performance of the portfolio and the market is measured using the return per unit of risk which is also referred to as the Sharpe ratio by players in the stock market. The authors suggested that further research in the Japanese stock market should be carried out to test the relationship between the cash flows of the company and their performance in the stock market (Kono et al., 2011). Andersen, Bollerslev & Cai (2000) carried out a study on the â€Å"Intraday and interday volatility in the Japanese†. The study investigated the volatility of performance in the Japanese stock market. The study used a 4 year sample of 5-min Nikkei 225 returns for the period from 1994 to 1997. Testing the intraday volatility resulted in the observation that they b ehaved in a doubly U shaped pattern which was explained to be as a result of the opening and closing of the morning and afternoon trading sessions of the Tokyo Stock Exchange. The authors explain that the observed feature of the doubly U shaped pattern is consistent with other market theories that have advanced the importance of private and asymmetric information when determining the prices of stocks. It was also found that announcements about the macro

Comparing and Contrasting Development in Germany and Kenya Research Paper

Comparing and Contrasting Development in Germany and Kenya - Research Paper Example From this study it is clear that the physical geography of the two nations has played a big role in shaping their population settlement patterns, geopolitics, economic and social development, imperialism, and other areas that ultimately determine development.This paper outlines that  it is highly industrialized and populous country with the largest national economy in Europe. It is among the largest world exporters and is rich in minerals like natural gas, copper, iron, and nickel. She has a GDP of $3.2 trillion, a per capita income of $39,028 and life expectancy is 80.44 years. Its population is at 82.2 million. Furthermore, its people are highly educated with a 99% literacy level (Knowles 36). On the other hand, Kenya is less developed than Germany, although it is the most highly developed country in the Eastern Africa. It is less industrialized and has fewer minerals than Germany. It majorly depends on agricultural exports, which tend to fluctuate considering harsh climatic cond itions.  Germany’s most densely populated areas are along or near rivers. The first civilization in Germany stated around rivers since people were looking for more productive and fertile soil. Thus, people were able to produce more crops, and allowed every person to become productive.  The overall result was the development of the country.  Berlin City, the most populated city, is the capital city of Germany, which is located along the river.

Finance Essay Example | Topics and Well Written Essays - 1000 words - 7

Finance - Essay Example Most of these tests however have been carried out in the developed countries and have largely ignored the developing countries. This paper seeks to discuss the levels of market efficiency in the Japanese equity markets in order to determine whether they are successful or not. This will be done by evaluating several empirical studies carried out in the same. Market efficiency literature review Kono, Yatrakis & Segal (2011) carried out a study on the Japanese stock market efficiency. The authors sought to compare the performance of a stock portfolio that consisted of exchange-traded funds (ETFs) against the performance of the overall stock market which was represented by the Topix Index. This was carried out using data that was available from the 30 June 2008 to 30 June 2009. In their study, they constructed the exchange traded funds according to the Modern portfolio theory that was developed in 1952 by Harry Markowitz. The study was based on the null hypothesis that â€Å"A portfolio composed of Japanese ETFs and constructed according to the MPT provides a higher return per unit of risk than the Topix Index†. In order to arrive at the optimal portfolio of ETFs, the authors used the statistical data related to the ETFs, the mean variance optimisation model of the MPT and the risk free rates as well as the expected market return. In order to help in determining the optimal portfolio, they also used a software program that was designed for the same purpose. The optimal portfolio that they used comprised of 7 ETFs which complied with the selection criteria for the study in terms of maturity and criteria. The statistical results obtained from the data analysis were used to calculate the return per unit of risk of each of the ETFs (Kono et al., 2007). The results of the study showed that the ETF portfolio that was used in the study performed better in terms of the ratio of performance to risk as compared to the overall equity market. This means that the portfol io of ETFs had a lower negative return per risk unit than the entire Japanese equity market. The study therefore concluded that it is possible for an optimal portfolio of ETFs to perform better than the whole equity market index if the performance of the portfolio and the market is measured using the return per unit of risk which is also referred to as the Sharpe ratio by players in the stock market. The authors suggested that further research in the Japanese stock market should be carried out to test the relationship between the cash flows of the company and their performance in the stock market (Kono et al., 2011). Andersen, Bollerslev & Cai (2000) carried out a study on the â€Å"Intraday and interday volatility in the Japanese†. The study investigated the volatility of performance in the Japanese stock market. The study used a 4 year sample of 5-min Nikkei 225 returns for the period from 1994 to 1997. Testing the intraday volatility resulted in the observation that they b ehaved in a doubly U shaped pattern which was explained to be as a result of the opening and closing of the morning and afternoon trading sessions of the Tokyo Stock Exchange. The authors explain that the observed feature of the doubly U shaped pattern is consistent with other market theories that have advanced the importance of private and asymmetric information when determining the prices of stocks. It was also found that announcements about the macro

Global Warming Research Paper Example | Topics and Well Written Essays - 500 words - 1

Global Warming - Research Paper Example Global warming can be referred to as indisputable and continuous increase in the earth’s temperature. Oxlade defines global warming as â€Å"increase in the temperature of the earth’s atmosphere† (4). Global warming has been linked with natural and human (anthropogenic) causes. However, little attention has been given to natural causes and scientists and environmentalists have mainly focused on human causes. Scientists have established that increasing accumulation of greenhouse gases, especially carbon dioxide, in the earth’s atmosphere is the main cause of global warming. Industrialization era has seen much increase in the concentration of carbon dioxide in the earth’s atmosphere. Humans are the main emitters of carbon dioxide through activities that involve combustion of fossil fuels (Haldar 10). There have been massive carbon dioxide emissions from industry, agriculture and transport sectors. Even lighting systems in homes that use fossil fuel have contributed towards global climate change. Moreover, increasing human population has led to deforestation for to create settlement areas and expand agricultural lands. Trees are known to be important for carbon dioxide sequestration. When trees are cut, forests, which store huge amounts of carbon dioxide, cease to be there. This means an increased amount of carbon dioxide that escape into the atmosphere. The impacts of global warming are already evident across the world. Global warming is having serious implication on human health, global economy, and environment. The temperature of sea and oceans are constantly rising and coastal flooding is becoming more common than ever (Haldar 24). Heat waves are becoming a common phenomenon and many places around the world that were once agriculturally productive are turning into deserts (Gupta 24).

Chemical and Physical Properties Essay Example for Free

Chemical and Physical Properties Essay Observe the solubility in hot water. c. Tear off approximately 1/2-cm pieces of both red and blue litmus paper. d. Allow the solution to cool, and using the glass stirring rod, transfer a drop of the solution onto a piece of litmus paper. Record the results. Clean the stirring rod. 5. Third test tube: a. Add a few pipet drops of HCl (hydrochloric acid) to the sample and stir. NOTE: Use the test tube holderclamp as some reactions are exothermic, i. e. the test tube may get very hot. Record any apparent reaction or solubility. Clean the stirring rod. 6. Fourth test tube: Add a few pipet drops of NaOH (sodium hydroxide) to the sample. Stir. Record any apparent reaction or solubility. Clean the stirring rod. 7. Thoroughly clean and dry all 4 test tubes. Repeat Steps 2 though 6 with the next substance. Experimental Results Substance: Zn Color: Grey Odor: None Effect of Heat: decreases content curled in with lighter color Solub. Or Reaction w/cold H20: No reaction observed / not soluble Solub. Or Reaction w/ hot H20: Prolonged boiling from retained heat/ non soluble Litmus test: None observed Dilute HCI: positive reaction resulting in the formation of gas, carbonation, and darkened Dilute NaOH: creates foggy substance and blackens solid Substance: Cu Color: Copper Odor: None noted Effect of Heat: Turned black Solub. Or Reaction w/cold H20: not soluble Solub. Or Reaction w/ hot H20: not soluble Litmus test: None observed Dilute HCI: tarnished not observed Dilute NaOH: none observed Substance: Mg Color: Silver Odor: None observed Effect of Heat: increases in dullness Solub. Or Reaction w/cold H20: no reaction observed/ non soluble Solub. Or Reaction w/ hot H20: increased heat / non soluble Litmus test: no change Dilute HCI: rapid boiling and heat Dilute NaOH: liquid is cloudy Substance: MgO Color: White Odor: None observed Effect of Heat: none observed Solub. Or Reaction w/cold H20: Soluble Solub. Or Reaction w/ hot H20: Soluble Litmus test: Red paper turned blue / blue no reaction Dilute HCI: Carbonated Soluble Dilute NaOH: Dense Soluble Substance: CuC03 Color: Green Odor: pungent Effect of Heat: turned black Solub. Or Reaction w/cold H20: slightly murky, but does not appear soluble Solub. Or Reaction w/ hot H20: slightly murky, but none soluble Litmus test: changes blue to red showing slight acidity Dilute HCI: carbonation and soluble Dilute NaOH: turns blue w/ slight soluble Substance: Cu(NO3)2 Color: Blue crystals Odor: slight odor Effect of Heat: melted and turned green Solub. Or Reaction w/cold H20: turned water blue and is soluble Solub. Or Reaction w/ hot H20: no change observed from the cool water and is soluble Litmus test: blue litmus turned to red for acid Dilute HCI: turned green Dilute NaOH: soluble formed Substance: NaCl Color: white crystals Odor: none observed Effect of Heat: none noted Solub. Or Reaction w/cold H20: becomes slightly soluble Solub. Or Reaction w/ hot H20: fully soluble Litmus test: red turns to blue indicating that it’s basic Dilute HCI: none observed Dilute NaOH: none observed QUESTIONS: A Did you observe any chemical changes in this experiment? Chemical changes are observed during the experiment B What evidence did you use to decide that something was a chemical change? Indications of chemical changes were preceded by the burning, rusting, ermenting, and decomposing of the substances. As a result, a new substance will have its own unique physical properties C Give at least two examples of chemical changes you observed. Adding colorless sodium hydroxide to blue copper(II) nitrate produces a light blue precipitate Zinc diluted with Hydrogen Chloride is positive for a chemical reaction resulting in the formation of gas, carbonation, and darkened D Classify the following p roperties of sodium metal as physical or chemical: Silver metallic color – physical Turns gray in air – chemical Melts at 98oC physical Reacts explosively with chlorine chemical E Classify the following changes as physical or chemical: Water freezes at OoC – physcical change Baking soda when combined with vinegar produces bubbles:- chemical change Mothballs gradually disappear at room temperature – physical change Ice cubes in a freezer get smaller with time – physical change Baking soda loses mass as it is heated – physical chemical Tarnishing of silver – chemical change F How would you show that dissolving table salt is a physical change? A physical change will not change the composition of a substance. When adding water to a salt, the ions of table salt are hydrated with water molecules which reduced the strong electrostatic forces of the ions. To return salt to the original state, simply remove the hydrated water molecules by boiling the table salt. Conclusions: In a chemical change one or more new substances are formed. The new substance has its own unique identity which is different from the original. It has properties that are different than those of the starting material; in addition, the original materials is not able to be reproduced by physical means.

American Express Quality Management Marketing Essay

American Express Quality Management Marketing Essay Problem Statement- American Express using Quality Management to Excel in a Highly-Competitive Niche Market. Business Executive Exclusive Perks Card from U.S. Express (The BEEP Card) Do we launch with current levels of Business commitment in the field? Organizational Background American Express is a diversified global financal services company that was founded just prior to the American Civil War. It is best known for its business line of charge cards, travelers checks, and in fact, holds about 25 percent of the total credit card transactions in United States, largely because of its perks and programs focusing on American business (Chenault, 2009). American Express does not really sell anything tangible. Yes, they have some merchandise, but their primary focus for the consumer is to get as many American Express cards into the hands of qualified customers as possible. Money is generated through the fees charged to retailers and credit card clearing houses. But, American Express is essentially branded as a service-oriented business topnotch service that customers receive in their interaction with all U.S. Express staff (Bihlmier, 2002). One of the reasons American Express has been so successful to date, despite the ups and downs of the economy, is its focus on customer experience and branding that experience into something that feels tangible, even though it is not tangible. They have done this through enhancement of the customer experience from initial contact through final payment, tagging celebrities for endorsements, and branding the experience (McCarthy, 2005; Davis, 2010; americanexpress.com). Thus, for many businessmen, American Express is more of an experience they can call the company 24/7, 365 days per year in an emergency, have funds delivered or charges authorized by phone; they can received discounts on hotels, car rentals, meals, and even special events. Being an American Express member has its perks. And, with the new BEEP card, specifically designed for that upper echelon of corporate executive, the experience offered will be even more customized and special. Literature Review Even with billions in global assets, however, American Expresss business model is tied to the economic pulse of the business world. As one of the top rated charge cards for business and corporate use, the fiscal crises of the last few years has negatively impacted the company, and in November 2008, American Express won Federal Reserve System approval to covert its operation to a bank holding company, which made it eligible for government subsidies under the Troubled Assets Relief Program, which, at that time consisted of over $127 billion (Lanman, 2008). This troubling trend was serious enough for the Fed to waive its typical 30-day waiting period, and was the result in credit-card holders failure to repay loans at almost twice the rate of 2007. Indeed, one of the major strategic weaknesses of American Express is its tie to the economic health of the global financial markets American Express following the trends by posting several quarter profit declines even with some segments showing upturns. Given the continued volatility in the financial markets, we want to be best positioned to take advantage of the various programs the federal government has introduced. We will [also] continue to build a larger deposit base to broaden our funding sources (CEO Kenneth Chenault, Ibid). American Express is a large enough company, with core values in banking, financial services, travel, and corporate/personal credit and charge cards. They have a Strategic Planning Group that operates consulting services to management of all its business units, and also services as a conduit for executive level recruiting. (American Express Strategic Planning Group). The business model for American Express consists of several major sections, (See Figure 1) with the top grossing centers: 1) Discount Revenue from card transactions (53%); 2) Interest from card member lending services (revolving charge cards) (13%); 3) Fees from cards, travel, and other holding feeds (23% combined) (American Express Summary, WikiInvest). American Express acknowledged that 2008 was a tough year and that they are tied very closely with the spending patterns of businesses and executive cardholders in particular, the dismal performance of both the 2007 and 2008 Holiday seasons in luxury goods. Additionally, the impact of the ENRON, Arthur Anderson, and even Automobile Industry issues may force additional oversight and regulation upon American Expresss financial services division. Tactically, the company has instituted several short- and mid-range solutions to improve its financial volatility: 1) Adjust models in lending to reduce high-risk, cancel certain accounts, reduce lines of credit, and limit new cardmembers; 2) Manage risk to improve profits; 3) Enhancing services for businesses and cardmembers experiencing difficulty in order to prevent defaults (2008 Annual Report, p. 5). Strategically, the company has decided on the actions of: Reengineering Control of costs, cut back spending in every area of the business; increase efficiency and reduce or eliminate activities that were not supporting the companys highest priorities, including the elimination of 10% of the global workforce (7,000 jobs). Benefits of $1.8 billion are expected as a result of this reengineering. Partnerships Forging new Co-Branded partnerships in key international markets, primarily in the Far East and Australia. Signing 13 new partnerships and launching 130 new products with banks that issue American Express-branded cards globally. Servicing Improving servicing aspect and offering more opportunities than competitive products this resulted in earning the J.D. Power and Associates Customer Satisfaction Award. Business partnerships Even in a down economy, partnerships with businesses will continue to help American Express grow its revenue partnering in the B2B aspect will improve the ready income, while continuing to provide greater incentives for additional partnerships. (Ibid, p. 8). American Express has been through recessionary times before, and has emerged even stronger utilizing its core values and strategies. Marketing And Advertising On of the key factors in the improvement of American Express in the market is the continual thrust of its brand. American Express has taken branding to a new level one who has moved from the outmoded mold of 1960s marketing, humorously described in the III Series MADMEN,  [1]  to a more centered approach that makes every employee, essentially, a brand manager: American Express. American Express does not actually sell anything tangible. Yes, they have some American Express merchandise, but their primary focus for the consumer is to get as many American Express cards into the hands of qualified customers as possible. Money is generated through the fees charged to retailers and credit card clearing houses. But, American Express is essentially branded as a service-oriented business top notch service that customers receive in their interaction with all American Express staff (American Express Joe Bihlmier interview, 2002). American Express has done this w ith a few simple, yet very powerful, changes to its business paradigm: Customer Contact Every step of the American Express experience has been refined to be different and competitive from all other credit and charge card companies. Employees are highly trained, speak English in a professional manner, and rather than take the offensive on certain situations, begin the discussion with the customer as the #1 priority. Accuracy of Statement American Express statements are double and triple checked for accuracy, with an ease of back up data available at a moments notice. Since American Express realizes that most use is for business, they have organized their statement into categories that make it easier for the employee to report. Business Cards American Express wants large businesses, and has made it easier for company employees to receive cards and generate only their receipts back to the company. American Express will customize reports, by employee and category, for larger companies accounting management, and for some, even deliver it electronically based on their individual needs. Ease of Disputing a Charge Again, American Express assumes the client is right, and with a simple phone call, will act as an advocate for any unauthorized charges (AmericanExpress.com). Utilizing celebrities as role models Instead of having a celebrity simply pitch a product, American Express has taken two different views of improving its brand using celebrities. The celebrities actually USE the product, their names are printed on the card, and not only are they shown in their particular field of expertise (e.g. Tiger Woods, Robert DiNero, etc.), but the company has ads that play off popular archetypes (e.g. the movie CaddyShack, etc.) (McCarthy, 2005). Differential Branding Now, not only does American Express offer the Gold and Green cards, but a blue and red card, with different cards supporting credit customers (as opposed to charge customers), and the Product RED, which supports the fight against Aids, and other environmental causes. For example, one AmEx commercial shows a sexy model near a traditional Masai warrior; the model holds the RED card and says, It doesnt make you feel so guilty about spending your money! (American Express, 2007). Thus, for many businessmen, American Express is more of an experience they can call the company 24/7, 365 days per year in an emergency, have funds delivered or charges authorized by phone; they can receive discounts on hotels, car rentals, meals, and even special events. Being an American Express member, has its perks (See Appendix A Examples of American Express Branding). American Express seems to excel at creating the strategy from the outside in, rather than the typical product management idea of inside out this strategy has shown an increase in brand recognition, whether or not those consumers utilize the product at present. Thus, that recognition, as the population ages and is able to afford participating in the American Express experience is more of a marketing investment strategy, long-term, than it is a complete short-term blip (Atstiel, 2005). The Problem/Challenge The design and conformance quality are both strategic management issues that, for a company with a demographic like American Express, are vital for the success of their product. For a merchant, American Express is significantly more expensive than MasterCard or Visa, takes longer to be reimbursed, and has less flexibility in discount rates. Instead, it is the very design and conformance (value of the product and the degree to which product promises and specifications are realized) in the marketplace that makes it even worthwhile to merchants. In many cases, corporations use only American Express, and thus their employees are motivated to use that card, typically billed directly to the home office, without the same necessity for reimbursement and TE Expense Reporting. Because American Express already invested in POP materials, already shipped those materials to its list of businesses who accept the card, the key clearly was not whether the marketing folks at Ame rican Express had done their job. They had but only partially for all the collateral in the world is for naught if it is not posted, thrown away, or put into storage. That being said, the metrics of Six Sigma, and the defined error acceptance helped American Express hone in on the root of the problem regarding POP and the research behind it, as well as a means to mitigate the situation. Simply put, the current research was simply not working in terms of identifying the issues surrounding use of the card in small businesses. Opportunities/Recommendations American Express hired a research vendor to call on businesses to uncover what POP materials were being used, why or why not, and how these materials could translate into an increase value relationship for the consumer and business. Unfortunately, the data uncovered by the research vendor was fraught with inaccuracies: from poor call rates to a disconnect in research opportunities that, in fact, worked contrary to the needs of the company in providing a service to its business clients. American Express uncovered two primary causes for this disconnect by shadowing the vendor and putting principles of Six-Sigma into place to find a potential set of solutions. The two primary causes for the unacceptably high uncallable rate for American Express research were a disconnect between time of research and store hours and the ability of the research to identify individual businesses that were in compliance with American Express POP requirements. Both resulted in a loss of time and money, an unacceptable error rate, and considerable redundancy (returning to recheck). However, the research vendor was given the list by American Express. When the business signed up with American Express, they not only listed the type of business (e.g. retail, restaurant, etc.) but also their hours and days of operation. A simple Boolean search would have provided the research firm a sort of appropriate businesses and an adjustment of hours. Six Sigma already asks for statistical checks to be mad e when viewing data, had the methodology been in place within the marketing research area, the initial disconnect would not have occurred. It was not incumbent upon the vendor to know details about the client beforehand. Further, operating in a Six Sigma manner would have put a more robust vetting upon the research project prior to placing it into the field. In addition, the research protocol should have been written so that the purpose of the visit was plain to the vendor analysis of POP. If the analysis was possible without actually visiting the business (e.g. viewing the POP on the door or register), redundancies would have been eliminated (Hayler and Nichols, 2007, 55-9). Still, Six Sigma is a tool, it is not an edict. Like many tools, it is dependent upon two things: 1) How it is used, and 2) The quality of the data. Six-Sigma was originally designed for use by Motorola in the early 1980s. It was put in place in order to not only uncover, but to solve, certain manufacturing processes that were not working appropriately. It improved the company by defining a clearly focus on measurable issues that could be quantified and linked to profitability. It also increased an emphasis on managements commitment to utilizing the strategic planning system to actually implement a cause-effect relationship within the manufacturing model. However, when all the bells and whistles come off, and all the statistical data and measurement are broken down, the model is really a quality improvement template. It is not designed for any subjectivity and often fails to take into account that margin of error is different on divergent products and services (e.g. a surgical instru ment or medical device should have a lower rate of error than a new hardback novel). Further, some of the standards are arbitrary and force management to plug in data (as in the American Express market research). That being said, it is both possible to overanalyze certain ineffectual data; in other words, making certain Six Sigma data more important than it really is to ROI. However, it does effectively help management identify areas of needed improvement, of inefficiency, and of redundancy (Prasad, 2009, 32-40). Conclusions Such market gurus as Warren Buffet continues to invest in American Express and believe that it is a solid company with a solid business plan. American Express does have weaknesses, but because the do not offer tangible products, their success or failure in the marketplace is a result of their continual ability to get consumers and businesses to use their products. They have established a global service sector, they have established an extremely strong brand, they have established recognition that is top within its industry, and almost top in the era of advertising; the perception of the card remains positive; but the company is faced with an uncertain few years while the economic downturn changes globally. Luckily, the company is well-positioned to handle the slowdown, stakeholders seem patient to allow the company to restructure and refocus, and the strategic plan remains solid (Hagstrom, 1997; Evans, 2005). ? Six Sigma is a tool, it is not an edict. Like many tools, it is dependent upon two things: 1) How it is used, and 2) The quality of the data. Six-Sigma was originally designed for use by Motorola in the early 1980s. It was put in place in order to not only uncover, but to solve, certain manufacturing processes that were not working appropriately. It improved the company by defining a clearly focus on measurable issues that could be quantified and linked to profitability. It also increased an emphasis on managements commitment to utilizing the strategic planning system to actually implement a cause-effect relationship within the manufacturing model. However, when all the bells and whistles come off, and all the statistical data and measurement are broken down, the model is really a quality improvement template. It is not designed for any subjectivity and often fails to take into account that margin of error is different on divergent products and services (e.g. a surgical instrument or medical device should have a lower rate of error than a new hardback novel). Further, some of the standards are arbitrary and force management to plug in data (as in the American Express market research). That being said, it is both possible to overanalyze certain ineffectual data; in other words, making certain Six Sigma data more important than it really is to ROI. However, it does effectively help management identify areas of needed improvement, of inefficiency, and of redundancy. In the case of American Express- the Six Sigma model did uncover redundancy and most certainly does point to the need to expand and develop new market segments, thus a nswering the question of launching a new product piece into the marketplace.

dead birds Essays -- essays research papers

Dead Birds This movie is about a tribe on the island of Papa New Guinea. They are called the Dani. This tribe lives in the middle of the island. Near their enemy, another near by tribe. They live in little huts made from mud and wood. There tribe consists of about twenty to thirty people. If you are a man your day starts out by going to your tower, checking to see if the enemy is going to attack today then, signaling with smoke from a fire if it is ok for the others to start working in there gardens. While these men watch for their enemy they will keep busy by weaving bands decorated with shells and fur for the decoration of the dead. Another job that men do is they break up the soil and help out with the gardening. The young men are also the front line in battles. Women are responsible for most of the gardening. They also gather banana leaves for soaking up the brine to make salt and preparing food. Children have jobs also, they tend their pigs on the frontier and frequently gather with other children there size and play fight and grow pretend gardens. The Dani, greatly believe in magic and practice it daily. For instance, no one will come out after dark because they are afraid of the unhappy ghosts will bring them bad luck. They also believe that when you die, you just die and become a ghost. This is explained by a story they tell about a race between a bird and a snake. Because of these unlucky ghosts, the Dani and other surrounding tribes are at a constant state o... dead birds Essays -- essays research papers Dead Birds This movie is about a tribe on the island of Papa New Guinea. They are called the Dani. This tribe lives in the middle of the island. Near their enemy, another near by tribe. They live in little huts made from mud and wood. There tribe consists of about twenty to thirty people. If you are a man your day starts out by going to your tower, checking to see if the enemy is going to attack today then, signaling with smoke from a fire if it is ok for the others to start working in there gardens. While these men watch for their enemy they will keep busy by weaving bands decorated with shells and fur for the decoration of the dead. Another job that men do is they break up the soil and help out with the gardening. The young men are also the front line in battles. Women are responsible for most of the gardening. They also gather banana leaves for soaking up the brine to make salt and preparing food. Children have jobs also, they tend their pigs on the frontier and frequently gather with other children there size and play fight and grow pretend gardens. The Dani, greatly believe in magic and practice it daily. For instance, no one will come out after dark because they are afraid of the unhappy ghosts will bring them bad luck. They also believe that when you die, you just die and become a ghost. This is explained by a story they tell about a race between a bird and a snake. Because of these unlucky ghosts, the Dani and other surrounding tribes are at a constant state o...

Term Paper of Dbbl

Introduction: To finance their investments firms use retained earnings, new borrowings or the issue of stock. The financing decision involves i) dividend and ii) the capital structure. Dividend policy involves the decision to pay out earnings versus retaining them for reinvestment in the firm, and dividend policy decisions can have either favorable or unfavorable effects on the price of a firm’s stock. Cash distributions are made to stockholders form the firm’s earnings, whether those earnings were generated in the current period or in previous periods. Origin of the Report:During this semester of Summer 2010 in MBA program of East West University, we are required to submit a term paper in the course Corporate Finance: â€Å"An Appraisal of Dividend Policy and Capital Structure of An Organization†. We have chosen PRAN for our term project. Objectives of the Report: The general objective is to prepare and submit the term project within specified time by having an idea and over viewing the PRAN, their Dividend Policy and their Capital Structure. Scope of the Report: The scope is limited to over viewing PRAN their dividend policy and the Capital Structure they have adopted for their organization.Limitations of the Study: Secondary data were used in this study as result it may differ from actual data. As a group, we have also faced some difficulties in compiling and discussing it due to unavailability of all members at the same time. The absence of solid and verse knowledge about dividend policy is absent and we have taken it as an addition in our learning curve. Methodology: The report is originated from secondary data sources- 1. The Company’s Annual Report 2. DES website 3. Different Articles from Internet 4. Other related websitesCompany Profile PRAN: PRAN stands for Programme for Rural Advancement Nationally. â€Å"PRAN† is currently the most well known household name among the millions of people in Bangladesh and abroad also . Since its inception in 1980, PRAN Group has grown up in stature and became the largest fruit and vegetable processor in Bangladesh. It also has the distinction of achieving prestigious certificate like ISO 9001:2000, and being the largest exporter of processed agro products with compliance of HALAL & HACCP to more than 70 countries from Bangladesh.PRAN is the pioneer in Bangladesh to be involved in contract farming and procures raw material directly from the farmers and processes through state of the art machinery at our several factories into hygienically packed food and drinks products. The brand â€Å"PRAN† has established itself in every category of food and beverage industry and can boost a product range from Juices, Carbonated Drinks, Confectionery, Snacks, and Spices to even Dairy products.Today, our consumers not only value â€Å"PRAN† for its authentic refreshing juice drinks products, but also for its mouth watering quality confectionery products with high visual appeal and exciting texture. We intend to expand our presence to every corner of the world and strive to make â€Å"PRAN† a truly international brand to be recognized globally. The authorized capital of PRAN is BDT 50,000,000 and paid up capital is BDT 8,000,000. The proportion is given below: |Share Percentage | |Director /Sponsor |Govt. Institute |Foreign |Public | |42. 75% |0% |1. 27% |0% |55. 98% | [pic] Dividends: Dividend is that part of the profits of a company which is distributed amongst its shareholders. According to ICAI, â€Å"Dividend is a distribution to shareholders out of profits or reserves available for this purpose. † In other words we can say that a corporation makes Dividend payments to its shareholder. It is the portion of corporate profits paid out to its stockholders.When a corporation earns a profit at the end of a financial year, that profit can be uses by two different ways: it can either be re-invested in the business or it can be pai d to the shareholders as a dividend. Many corporations retain a portion of their earnings and pay the remainder as a dividend. Dividend Policy and Stock Value: There are various theories that try to explain the relationship of a firm's dividend policy and common stock value. Dividend policy is the policy a company uses to decide how much it will pay out to shareholders in dividends. A firm has different options to deal with its earnings.It can give all their earnings as dividend or it can retain all its earnings as retained earnings. The firm can also declare a portion of its earnings as dividend and can retain other portion as retained earnings. Dividends may be in the form of cash or stock. Most secure and stable companies offer dividends to their stockholders. Their share prices might not move much, but the dividend attempts to make up for this. High-growth companies  rarely offer dividends because all of their profits are reinvested to help sustain  higher-than-average  gr owth. Dividend Relevance Theory:The value of a firm is affected by its dividend policy – the optimal dividend policy is the one that maximize the firm’s value. Optimal Dividend Policy: Proponents believe that there is a dividend policy that strikes a balance between current dividends and future growth that maximizes the firm's stock price. Dividend Irrelevance Theory: The theory states that a firm’s dividend policy has no effect on either its value or its cost of capital. Bird-in-the-Hand Theory: It states that dividends are relevant. Remember that total return (k) is equal to dividend yield plus capital gains.Myron Gordon and John Linter took this equation and assumed that k would decrease as a company's payout increased. As such, as a company increases its payout ratio, investors become concerned that the company's future capital gains will dissipate since the retained earnings that the company reinvests into the business will be less. Gordon and Linter argued that investors value dividends more than capital gains when making decisions related to stocks. In this theory â€Å"the bird in the hand' is referring to dividends and â€Å"the bush† is referring to capital gains.The traditional argument in favour of dividend is the idea that dividends reduce risk because they bring shareholders’ cash inflows forward. Although shareholders can create their own dividends by selling part of their holdings, this entails trading costs, which are saved when the firm pays dividends. The risk reduction or bird in the hand argument is associated with Graham and Dodd (1951) and with Gordon (1959) and it is often defended as follows. By paying dividends the firm brings forward cash inflows to shareholders, thereby reducing the uncertainty associated with future cash flows.In terms of the discounted dividend equation of firm value, the idea is that the required rate of return demanded by investors (the discount rate) increases with the plough -back ratio. Although the increased earnings retention brings about higher expected future dividend, this additional dividend stream is more than offset by the increase in the discount rate. This argument overlooks the fact that the risk of the firm is determined by its investment decisions and not by how these are financed.The required rate of return is influenced by the risk of the investments and should not change if these are financed from retained earnings rather than from the proceeds of new equity issues. As noted by Easterbrook (1984), in spite of paying dividends the firm does not withdraw from risky investments, thus the risk is merely transferred to new investors. Reasons for Paying Dividends: 1. Clientele Effect: The investors in your company like dividends. 2. The Signaling Story: Dividends can be signals to the market that you believe that you have good cash flow prospects in the future. 3.The Wealth Appropriation Story: Dividends are one way of transferring wealth fro m lenders to equity investors (this is good for equity investors but bad for lenders) Types of Dividend Policies: 1. Constant-Payout-Ratio: Constant-Payout-Ratio is a dividend policy based on the payment of a certain percentage of earnings to owners in each dividend period. The problem with this policy is that if the firm’s earnings drop or if a loss occur, the dividend may low or nonexistent. 2. Regular Dividend Policy: Regular Dividend Policy is a dividend policy based on the payment of fixed amount of dividend in each period.It provides the owners with positive information, thereby minimizing their uncertainty. 3. Low Regular and Extra Dividend Policy: Low regular and Extra Dividend Policy refers to a dividend policy based on paying low regular dividend, supplemented by additional dividend when earnings are higher than normal in a given period. Nature of Dividend Decision The dividend decision of the firm is crucial for the finance manager because it determines: 1. The amo unt of profit to be distributed among the shareholders, and 2. The amount of profit to be retained in the firm. There is a reciprocal relationship between cash dividends and retained earnings.While taking the dividend decision the management take into account the effect of the decision on the maximization of shareholders' wealth. Maximizing the market value of shares is the objective. Dividend pay out or retention is guided by this objective. Factors Affecting Dividend Policy: A. External Factors B. Internal Factors A. External Factors Affecting Dividend Policy 1. General State of Economy: In case of uncertain economic and business conditions, the management may like to retain whole or large part of earnings to build up reserves to absorb future shocks.In the period of depression the management may also retain a large part of its earnings to preserve the firm's liquidity position. In periods of prosperity the management may not be liberal in dividend payments because of availability of larger profitable investment opportunities. In periods of inflation, the management may retain large portion of earnings to finance replacement of obsolete machines. 2. State of Capital Market: Favorable Market: liberal dividend policy. Unfavorable market: Conservative dividend policy. 3. Legal Restrictions: Companies Act has laid down various restrictions regarding the declaration of dividend:Dividends can only be paid out of: Current or past profits of the company. A company cannot declare dividends unless: It has provided for present as well as all arrears of depreciation. Certain percentage of net profits has been transferred to the reserve of the company. Past-accumulated profits can be used for declaration of dividends only as per the rules framed by the Central Government 4. Contractual Restrictions: Lenders sometimes may put restrictions on the dividend payments to protect their interests (especially when the firm is experiencing liquidity problems) B.Internal Factors af fecting dividend decisions 1. Desire of the Shareholders: Though the directors decide the rate of dividend, it is always at the interest of the shareholders. Shareholders expect two types of returns: [i] Capital Gains: i. e. , an increase in the market value of shares. [ii] Dividends: regular return on their investment. Cautious investors look for dividends because, [i] It reduces uncertainty (capital gains are uncertain). [ii] Indication of financial strength of the company. [iii] Need for income: Some invest in shares so as to get regular income to meet their living expenses. . Financial Needs of the Company: If the company has profitable projects and it is costly to raise funds, it may decide to retain the earnings. 3. Nature of earnings: A company, which has stable earnings, can afford to have a higher divided payout ratio 4. Desire to retain the control of management: Additional public issue of share will dilute the control of management. 5. Liquidity position: Payment of divid end results in cash outflow. A company may have adequate earning but it may not have sufficient funds to pay dividends. Apprising Dividend Policy of PRAN: Year |NI |EPS |Dividend Per |Dividend Payout Ratio | | |(in Millions) | |Share | | |2000 |33. 76 |42. 20% |20. 00% |47. 39% | |2001 |41. 99 |52. 49% |20. 00% |38. 10% | |2002 |43. 41 |54. 26% |25. 00% |46. 07% | |2003 |44. 39 |55. 49% |24. 00% |43. 25% | |2004 |40. 31 |50. 39% |24. 00% |47. 3% | |2005 |40. 77 |50. 96% |26. 00% |51. 02% | |2006 |28. 95 |36. 19% |26. 00% |71. 84% | |2007 |29. 33 |36. 66% |26. 00% |70. 92% | |2008 |35. 95 |44. 94% |28. 00% |62. 31% | |2009 |39. 97 |49. 96% |29. 00% |58. 05% | Table: 1 From the table 1 we see that in 2000 and 2001 PRAN have paid a cash dividend of BDT 20 per share in 2000 and 2001; in 2002 the dividend payment was BDT 25 per share.In 2003 to 2004 and 2005 to 2007 they have paid a cash dividend of BDT 24 and BDT 26 per share respectively. In the year 2008 and 2009 the cash dividend per share was BDT 28 and 29 respectively. Here we see that the dividend has increased in last two year, although the Net Income of the company decreased. However the EPS has also increased during the last two years and the same pattern can be seen in the Market Price of the share. [pic] Figure: 1 From figure 1 we can say that the dividend payment of the PRAN is certain and stable, regardless with earnings.As we see that despite of a drop in the earning in the year 2006 and 2007 the company maintained a constant cash dividend payment which is BDT 26 per Share and when the earnings increased in the year 2008 and 2009 the Dividend payment also increased. [pic] Figure: 2 The Dividend payout ratio indicates the percentage of each unit earned that a firm distributes to the owners in form of cash |Dividend Payout Ratio |= |Dividend Per Share | | | |Earnings Per Share |If we look at the figure 2 we see that to maintain a steady dividend payment per share each year they had to make a huge payme nt out of the Net Income. In 2006 and 2007 the dividend payout ratio was above 70% and in 2008 and 2009 it was above 58%. According to the Regular Dividend Policy the payment of the dividend is a fixed amount in each period. The Regular Dividend Policy also tries to establish to pay out a certain percentage of earnings, however it tries to stabilize the dividend by pay out a certain amount of dividend and it adjusts the dividend towards the target payout as proven earnings increases.In short we can say that PRAN is following the Regular Dividend Policy Constrains of Regular Dividend Policy: If we have a look at the figure 1 we see that the earnings of PRAN fluctuates year to year for this Regular dividend policy may sometimes prove dangerous. Once a company adopts the regular dividend policy, any adverse change in the dividend payment may result in serious damage regarding the financial standing of the company in the mind of the investors. The same problem is been experienced by PRA N despite of a drop in the earnings that they had to maintain the same amount of dividend.Appropriate type of Dividend Policy: A Stock market tends to be very efficient in the allocation of capital to its highest-value users. That market also helps increase savings and investment, which are essential for economic development. An equity market, by allowing diversification across a variety of assets, helps reduce the risk the investors must bear, thus reducing the cost of capital, which in turn spurs investment and economic growth. However, volatility and market efficiency are two important features which will ultimately determine the effectiveness of the stock market in economic development.In contrast to that the stock market of Bangladesh which is informationally inefficient, investors face difficulty in choosing the optimal investment as information on corporate performance is slow or less available. The resulting uncertainty induce investors either to withdraw from the market unt il this uncertainty is resolved or discourage them to invest funds for long term. Moreover, most of the time it is seen that investors are not rewarded for taking on higher risk by investing in the stock market, or excess volatility weakens investor’s confidence as a result they people avoid investing their savings in the stock market.Due to the imperfect market and the uncertainty of return the investors always aim for short term investment as a result they prefer dividend rather maximizing the firm’s wealth. The regular dividend policy, which ensures a fixed amount of dividend to be paid to the investor regardless to the company’s income during the period, helps to reduce the uncertainly for the investors. For this the Regular Dividend Policy is the appropriate for PRAN. Year |Net Asset Value Per |EPS |Dividend Per Share |Bonus Share |Market Price Per | | |Share | | | |Share | |2000 |258. 39 |42. 20% |20. 00% |- |416. 50 | |2001 |284. 60 |52. 49% |20. 00% |- | 370. 00 | |2002 |312. 82 |54. 26% |25. 00% |- |366. 00 | |2003 |343. 9 |55. 49% |24. 00% |- |412. 00 | |2004 |362. 27 |50. 39% |24. 00% |- |523. 50 | |2005 |386. 55 |50. 96% |26. 00% |- |519. 25 | |2006 |396. 11 |36. 19% |26. 00% |- |386. 00 | |2007 |383. 91 |36. 66% |26. 00% |- |382. 63 | |2008 |428. 9 |44. 94% |28. 00% |- |1142. 00 | |2009 |449. 96 |49. 96% |29. 00% |- |1363. 00 | Net Asset Per Share Vs. Market Value Per Share: Table: 2 From the table 2 we can say that PRAN has never issued any Bonus shares from 2000 to 2009. However they have maintained a steady dividend payment that shows a positive slope. The market price is very fluctuating in 2005 the MV was 519. 25 but in 2006 it went down to 386. 00, in 2007 it was 382. 63 but in 2008 the MV was 1142. 00. [pic]Figure: 2 From the figure 2 we see that till 2007 the Share Market Price and the Net Asset Value Per share is very close however from 2008 the difference between the Market Price and Net Asset value per Share increase d despite of a drop in the Net Income. In the year 2008 and 2009 the corporation has paid a cash dividend of BDT 28 and 29 per share respectively and the EPS in 2008 was 44. 94% and in 2009 was 49. 96. From the above mentioned information we can say that there is a high possibility that the reason behind the increase in the market price of the share imperfect market condition in the Capital Market in Bangladesh.The imperfect market situation might be the result of Syndication or by spreading rumor in the market, which caused the Share Price of PRAN to go up. Capital Structure: In finance, capital structure refers to the way a corporation finances its assets through some combination of equity, debt, or hybrid securities. In other words we can say that Capital Structure is the mix of a company's long-term debt, specific short-term debt, common equity and preferred equity. The capital structure is how a firm finances its overall operations and growth by using different sources of funds .Debt comes in the form of bond issues or long-term notes payable, while equity is classified as common stock, preferred stock or retained earnings. Short-term debt such as working capital requirements is also considered to be part of the capital structure. For example, a firm that sells BDT 20 billion in equity and BDT 80 billion in debt is said to be 20% equity-financed and 80% debt-financed. The firm's ratio of debt to total financing, 80% in this example is referred to as the firm's leverage. In reality, capital structure may be highly complex and include dozens of sources.Gearing Ratio is the proportion of the capital employed of the firm which come from outside of the business finance, e. g. by taking a short term loan etc. A company's proportion of short and long-term debt is considered when analyzing capital structure. When people refer to capital structure they are most likely referring to a firm's debt-to-equity ratio, which provides insight into how risky a company is. Us ually a company more heavily financed by debt poses greater risk, as this firm is relatively highly levered.The Modigliani-Miller theorem, proposed by Franco Modigliani and Merton Miller, forms the basis for modern thinking on capital structure, though it is generally viewed as a purely theoretical result since it assumes away many important factors in the capital structure decision. The theorem states that, in a perfect market, how a firm is financed is irrelevant to its value. This result provides the base with which to examine real world reasons why capital structure is relevant, that is, a company's value is affected by the capital structure it employs.Some other reasons include bankruptcy costs, agency costs, taxes, and information asymmetry. This analysis can then be extended to look at whether there is in fact an optimal capital structure: the one which maximizes the value of the firm. Capital structure in the real world if capital structure is irrelevant in a perfect market, then imperfections which exist in the real world must be the cause of its relevance. The theories below try to address some of these imperfections, by relaxing assumptions made in the M model.Capital Structure Theory: Trade-off theory of capital structure Trade-off theory allows the bankruptcy cost to exist. It states that there is an advantage to financing with debt (namely, the tax benefit of debts) and that there is a cost of financing with debt (the bankruptcy costs of debt). The marginal benefit of further increases in debt declines as debt increases, while the marginal cost increases, so that a firm that is optimizing its overall value will focus on this trade-off when choosing how much debt and equity to use for financing.Empirically, this theory may explain differences in D/E ratios between industries, but it doesn't explain differences within the same industry. Pecking order theory Pecking Order theory tries to capture the costs of asymmetric information. It states that co mpanies prioritize their sources of financing (from internal financing to equity) according to the law of least effort, or of least resistance, preferring to raise equity as a financing means â€Å"of last resort†.Hence: internal debt is used first; when that is depleted, then debt is issued; and when it is no longer sensible to issue any more debt, equity is issued. This theory maintains that businesses adhere to a hierarchy of financing sources and prefer internal financing when available, and debt is preferred over equity if external financing is required (equity would mean issuing shares which meant ‘bringing external ownership' into the company. Thus, the form of debt a firm chooses can act as a signal of its need for external finance.The pecking order theory is popularized by Myers (1984)[1] when he argues that equity is a less preferred means to raise capital because when managers (who are assumed to know better about true condition of the firm than investors) is sue new equity, investors believe that managers think that the firm is overvalued and managers are taking advantage of this over-valuation. As a result, investors will place a lower value to the new equity issuance.. Agency Costs: There are three types of agency costs which can help explain the relevance of capital structure.Asset substitution effect: As D/E increases, management has an increased incentive to undertake risky (even negative NPV) projects. This is because if the project is successful, share holders get all the upside, whereas if it is unsuccessful, debt holders get all the downside. If the projects are undertaken, there is a chance of firm value decreasing and a wealth transfer from debt holders to share holders. Underinvestment problem: If debt is risky (e. g. , in a growth company), the gain from the project will accrue to debt holders rather than shareholders.Thus, management has an incentive to reject positive NPV projects, even though they have the potential to i ncrease firm value. Free cash flow: unless free cash flow is given back to investors, management has an incentive to destroy firm value through empire building and perks etc. Increasing leverage imposes financial discipline on management. Other The neutral mutation hypothesis—firms fall into various habits of financing, which do not impact on value. Market timing hypothesis—capital structure is the outcome of the historical cumulative timing of the market by managers.Accelerated investment effect—even in absence of agency costs, levered firms use to invest faster because of the existence of default risk. Primary Factors influencing the Capital Structure: 1. Business Risk: It is the risk associated with the unique circumstances of a particular company, as they might affect the price of that company's securities. If the business risk is higher than the optimal debt amount will be lower. 2. Tax Position: It is the second key factor.The major reason for using debt i s that the interest is tax deductable which helps to lower the effective cost of debt. However, if much of a firm’s income is already sheltered from taxes by accelerated depreciation or tax loss carried forward from previous years, its rate will be low, as a result debt will not be advantageous as it would be to a firm with higher effective tax rate. 3. Financial Flexibility: It indicates a firm’s ability raise capital on reasonable terms under adverse conditions. 4. Managerial Attitude: It is the firm’s attitude to borrowing fund.Some of the firms are more aggressive than others; hence, some firms are more inclined to use debt in an effort to boost profit. This factor does not affect the optimal capital structure or value-maximizing, however it does influence the firm’s target capital structure. Evaluating the Capital Structure of PRAN: The debt-to-equity ratio (D/E) is a financial ratio indicating the relative proportion of shareholders' equity and debt used to finance a company's assets. Closely related to leveraging, the ratio is also known as Risk, Gearing or Leverage. Year |Equity |Debt |Debt to Equity Ratio|NI |EPS | | | | | |(in Millions) | | |2005 |330. 04 |165. 94 |33. 46% |40. 77 |50. 96% | |2006 |337. 69 |152. 59 |31. 12% |28. 95 |36. 19% | |2007 |327. 93 |114. 00 |25. 80% |29. 33 |36. 66% | |2008 |342. 71 |92. 9 |21. 25% |35. 95 |44. 94% | |2009 |359. 97 |138. 99 |27. 86% |39. 97 |49. 96% | Table: 3 From the table: 3 we can say that that in 2005 when the D/E ratio was 50. 96% the company experienced the highest EPS. If we compare the D/E ratio and the EPS of 2008 and 2009 we see that in 2009 the debt ratio has increased by 6. 61% which had a positive effect on the EPS as a result the EPS increased by 5. 02%. It shows that when the D/E ration increases the EPS also increases.If we look at the graphical presentation it will be easier for us to understand which is given below. [pic] Figure: 4 If we take the average of the D/E ratio from 2005 to 2009 we see that on average PRAN is maintaining a D/E ratio of 27. 90%. In short we can say that 27. 90% of the total equity is financed by Debt. It means that the PRAN is moderately aggressive towards the debt financing. As a result they have a lower Financial Risk and higher Business risk. Conclusion: PRAN is one of the reputed companies in the Dhaka Stock Exchange and they fall under the Category â€Å"A†.From year 2000 to 2009 PRAN has always have paid cash dividend however they have never paid stock dividend. PRAN is maintaining a reserve capacity Dividends can be used to budge assets out of the company and consequently from the potential allege of creditors which can be injurious to creditor wealth, and creditors will beyond a shadow of a doubt take pricing or contractual actions to offset these latent uses of dividends. The contemplations of signaling, agency and the effects of market imperfections upon optimal dividends are imperative dimensions about which financial managers must be sentient. Recommendations:Cash and stock dividend, both should be paid without fail. Our stock market is not an efficient market. The available information most of the times do not lead to the desired reality. Many investors believe on the rumors and invest in the share market. Security Exchange Commission should take proper steps to minimize this condition. Disclosure of the overall market price in the annual report is desirable. The company can ideas from its investors to improve the situation and thereby engaging them in the part of the decision making process. Issuing of bonus shares can be a good option to attract the potential investors.