Essay --

itle: The Golden Fleece and the Legends Who Lived Before Achilles By: Padriac Colum Pages: 316 Sang Chung seventh period 1 Eng. RM.15 1/15/14 This book perhaps retelling the story that has been told ordinarily. Regardless of how often you have heard or perused the captivating story of Jason and his mission to locate the Golden Fleece, you will never find a form more arresting than this one by Padriac Colum. On the off chance that you have not yet to find this fearsome experience alongside Jason and companions on his mission on the Argo to recover the unbelievable brilliant downy. Will he prevail alongside his partners? or then again will he come up short and die alongside his partners? Peruse the book to discover! The undeniable setting to this story would be Greek. To be progressively explicit around the realm of Lolcus around two or three thousand years back possibly more. The setting to this story would be imperative to itself since this story is a Greek fantasy. Where might a Greek legend happen? Gee... I’d state Greek. On the off chance that this story had not occurred in greek, at that point clearly it wouldn’t be a Greek legend. The time of this story is likewise imperative to itself since this story was occurred in around the A.Ds.If it hadn’t it wouldn’t precisely be a fantasy. The principle man, the most significant character, the fundamental character, and the hero anything you desire to call him is Jason. Jason, similar to Achilles and Heracles, was prepared by Chiron the ruler and the best everything being equal. Jason was brought to Chiron as a child for him to prepare and cultivate until he was old enough to battle and reclaim the seat of locus. Madea the little girl of the ruler Aeetes of Colchis obliged Jason after have been guaranteed by Jason to be hitched to her and take her to Greece. Heracles the child of Zeus and Alcmene and gr... ...nce they arrived at Colchis, they met the ruler Aetes. Acting well disposed from the start however not having any desire to surrender the brilliant downy, he entrusted Jason and the Argonauts with an inconceivable assignment to furrow the field with fire-breathing bulls and afterward to plant the field with the teeth of a mythical beast. Jason and the Argonauts figured out how to finish these assignments however the ruler rapidly backpedals on his promise and has his military assault the argo around evening time. Madea thinking about the arrangement shows jason where the brilliant downy is and sings the winged serpents to rest. While Jason rapidly holds onto the wool. Jason returned to lolcus with the wool and won the regard of numerous men. Jason at that point got back his realm and weds madea. I think the craftsman composed this story to show kids the narrative of the brilliant wool and to pass it down. I would prescribe it to individuals who like finding out about greek fantasies and stuff this way.

Phaedrus by Plato Essay Example for Free

Phaedrus by Plato Essay Of the considerable number of discoursed of Plato, this must be one of the most great of all. A showcase of discussions that didn't depend on simply unremarkable interrogating and clarification regarding a solitary subject. Strolling around the nation and giving discussions on pretty much whatever transpires, the Phaedrus and Socrates strolling discussion shows important issues and illuminating words. Handling the subject of adoration was the underlying subject that the two had mulled over. Discussing methods of reasoning of affection and their own takes on how love is, Socrates and Phaedrus exhibit their sides by disclosing what love is to them. Consequently, this discussion about affection controlled the greater part of their walk. En route they handled all the more edifying issues The exchanges last part handles about composing books and its capacities to confer goodness on an individual. They clarify their extensive musings on books. To some extent 229c-230 b, Socrates mirrors an agreed conviction on accounts of fantasies, for example, the narrative of Bores and Orithyia. Socrates grandstands his thinking that he doesnt have enough time too for himself to give clarification about such event that occurred in where the story was predicted consequently he results to should have confidence in it. He accepts that cynics dont have the advantage of time testing and clarifying reality with regards to different animals, beasts and events also. In this way Socrates infers that searching out for truth with respect to said stories is strange. He accepts that even those individuals of science that will in general clarify everything will likewise have such a troublesome time on demonstrating such cases and that there are more significant issues other than testing these accounts. The conversational walk that Socrates and Phaedrus had in the discourse shows agreeable thinking and gives sufficient information upon perusers.

Observe Organizational Behavior Firsthand

Question: Give a short conversation on association conduct. Answer: The association conduct is affected by plenty of measurements, for example, authoritative culture, hierarchical structure, camaraderie, hierarchical change, correspondence, assorted variety, power, administration, inspiration (Gordon, 1991) and so forth. It is very fundamental to get into the association and intently screen the procedures to have a knowledge into the spaces of authoritative conduct. The association chose with the end goal of basic examination is a grocery store and retail outlet having plenty of items available to be purchased. The general store is available in the private bunch giving purchasing offices to the buyers of the locale. The general store is completely outfitted with different items to offer and is made out of exceptionally prepared staff at various degrees of the executives and client care. I got into the association of this retail location as an assistant to refine my aptitudes of the executives and got an opportunity to intently watch the salesmen and all the capacities dealt with at the general store. As an understudy, my job was to watch the client assistance delegates and give a legit survey of the workers as a composed report and examination sheet given to me by the top administration of the general store. Different jobs included assisting the salesmen with setting up the grocery store as indicated by the code of show and give assistance administrations to them as and when required. It would assist me with having profound experiences into the tasks and methodologies received by the supervisory group sorted out in a chain of importance and would assist me with acquiring elevated level of the executives aptitudes and standards. I got well into the association when I chatted with the higher administration to permit me to watch the procedures and the activities going on in the association consequently I would have the option to give genuine and inside and out reports for the representatives of the association and would help them in the in store undertakings. This was a serious new encounter for me in the contemporary occasions as I never had a professional training and this temporary position showed me a ton about the innate mysteries of a retail location or a general store and all the promoting procedures sent by the top administration to draw in and charm the clients towards their image. It was an out and out captivating and energizing experience which helped me to learn numerous new aptitudes and increase an order over top to bottom down to earth information about administration of a grocery store. The action wherein I got drew in was a standard movement of the grocery store for client support and retail p romoting. In this manner, the activity under examination is a standard activity of the association for which I helped the whole group and furnished them with surveys toward the finish of my entry level position period. Activity Component and Analysis Two of the principle determinants of association conduct are hierarchical culture and the group the board under the oversight of effective authority. Authoritative culture is the arrangement of shred significance including shared worth framework and conviction framework. This arrangement of qualities and ceremonies go about as a glue to stick the individuals from the association together. The fundamental beliefs that structure the system of the hierarchical culture of this general store are regard towards the people, respectability in real life, administration for the clients and greatness in the vital administration (Jones, 2010). The partners of the client support division are persuaded to serve the clients being the highest need of the organization. The worth arrangement of the organization is held high by the methods for open correspondence and approaches to share data. The establishment of the store is based over uprightness which is filled by genuineness, reasonableness and objectivity to decide. The organization makes progress toward greatness by enhancing and improving with positive demonstrating and by working in a group. The administration accepts that the authoritative culture starts from the top degree of the organization and afterward pervades down to different representatives. The representatives of the grocery store have a specific implicit rules which is educated to them in the time of their preparation. They have a remarkable uniform which have a statement saying, How May I Help You?. This statement opens up entryways of collaboration between the clients and the delegates of the market group when they will be unassuming and liberal in their methodology (Casey, 1999). The way of life of the organization is maintained with plenty of advantages given to the representatives consequently of their difficult work and responsibility. They are furnished with serious compensation, human services offices, retirement plans, and advancements to cause them to feel as a piece of the entire enormous group of the retail location. The difficult work of the representatives are compensated to make a solid work culture of the group. The way of life of the market is portrayed client direction and giving best of the incentive at some most minimal costs. Worker is anticipated to be a picture of a socially mindful element serving the organization. The workers are following the underlying foundations of the authoritative culture and are figuring them in cognizance with the development and accomplishment of the organization. The way of life of the grocery store is very intelligent and imaginative. There have been utilization of most recent patterns and innovations in the grounds of the grocery store which shapes a piece of the contemporary culture of the retail location. The corporate culture of the store is very much refined and according to the standards of this industry. The workers are very modest and when anybody says Thank you consequently of their kindness and administration, the client assistance delegates state Its my pleasure consequently (Ogbonna, 1988). This culture is soaked up in t he conduct of the workers and it presents a type of good manners and respect. The way of life of the organization is continued by standard mediation from the top administration as conversations and worth improvement of the representatives. It was quite a while back when the organization and the top administration understood that the standard based culture of the organization was not, at this point ready to adapt to the readiness of the world requesting a higher pace of globalization and innovative turn of events and consequently the way of life must be made adaptable and worth based to prevail upon the trust of the workers and cause them to comprehend the worth conveyed by the organization. The organization lays a higher measure of worry over the qualities that are required in the reasonable condition with intensive preparing given over the presentation with reason (Russell, 1985). The way of life of the organization is something other than moral culture rather it is an aggregate of all the conviction frameworks of the organization, the customs followed at ple nty of occasions fortifying the obligation of the representatives, the qualities guzzled followed by the whole supervisory group, the tales that are spread by the administration in ordinary gatherings of the staff and the images in assortment of structures. The images utilized in the general store to maintain the way of life of the staff are the uniform of the client assistance agents that follows a workable message, the banners on the dividers managing the clients to address slows down, the representative of the month showed over notice board in the passage to spur the workers, the identifications worn by some exceptionally productive workers and different structures. The examples of overcoming adversity are talked about by the group in each casual gathering where the top administration portrays their experience and rouses the group. The estimations of the organization absolutely limits a resolute and unforgiving society of visually impaired acquiescence and in this manner, there is no top down various leveled severe culture rather a fair culture where everybody partakes in the dynamic to give their important recommendations to improve the advertising content and the client support offices. The executives of the whole group is a diffic ult undertaking for the pioneer and which thusly has an impact over the hierarchical conduct. The pioneers of the grocery store shaping an enormous portion of the top administration like to be encircled by the correct sort of individuals having huge and broad space of thoughts and are not reluctant to take any sort of dangers to actualize those thoughts (Boye, 1997). The grocery store have built up an initiative preparing program for the administrators and representatives in other administration jobs. This preparation incorporates genuine based reproduction procedures to have the option to prepare the group to rationally tie with one another and work with one another under the oversight of the pioneer. The pioneers are answerable for rousing the workers for each sort of assignment, for example, stock recharging, web based shopping help, administrating administrations, client assistance, sanitation and deals driving. The division supervisors have stuck and coordinated the groups in a single unit for a powerful and effective occupation. The board must assume a splendid job to decide the capacity of the people and to use it effectively in the field of operational methodology. The group the executives is done in the bleeding edge to cause the workers to learn by the methods for experience. The group is partitioned into different jobs yet every one of the job in coordinated into one single utilitarian unit. The group head, organization jobs, web based shopping, counter help, client care help, stockroom help, merchandizing control, online client assistance help, general help and different jobs are soundly attached to one another to frame an exhaustive group of help. Subsequently, the administration of this store and market is taken care of productively and deftly. According to the perception it tends to be seen that the general store has qualities of having an extraordinary adaptable and cordial culture which is maintained by different determinants of culture. The initiative and the development of the group of the association is very well in lucidness with the patterns of the retail showcase. The representatives are enlivened to get themselves adjusted around the center strategic the organization. This equitable and partic

How to Ace Your Team Based Interview

We recently shared our tips for preparing for Team Based Interviews. Now we’re going to move forward and offer four tips for acing the interview itself: 1. Don’t be confrontational. This is not a debate in which you’re trying to score points. It’s not a verbal battle. It’s a simulation of what you may encounter in a business school classroom or group project, and so it’s that vibe and model that you’ll want to emulate. Interviewees should build on one another’s points, contributing to the conversation; they shouldn’t cut each other down with rude or judgmental remarks. Of course you’re allowed to disagree, and you should be persuasive and enthusiastic about your positions, but do so with respect and grace. 2. Think quality, not quantity. Participants are judged on the quality – and not the quantity – of their comments. You should add to the conversation, but certainly not dominate it. Refrain from speaking for the sake of being heard. Thoughtful and succinct comments are appreciated; chatter is not. Don’t let this tip backfire on you! Qualitative comments are a must, so don’t hold back from speaking because you’re worried that your contributions won’t hit the mark. You need to find a balance – don’t blab on incessantly, but don’t be too shy to open your mouth, either. You’re there to contribute; make sure you do! 3. Keep it real. While many of the topics or prompts given may lead you to a world of theoretical thought, you need to work to push through the theory to arrive at concrete points that are supported with evidence from your own firsthand experiences. Business schools are interested in students who are able to draw deep understanding and practical conclusions from their life experiences. 4. Keep notes to a minimum. Just as a treatise of pre-interview notes will distract you from the interview action (as we mentioned in our previous article), so will scribbling notes furiously during the interview. You definitely want to have a pen and clipboard or a tablet available if you need to quickly jot something down, but remember – this is a group discussion and you want to keep the flow of the conversation natural. Taking notes and then reading your monologue will certainly disrupt that flow. Team-based interviews are totally different from your typical interview experience, which means you need to prepare for them in a completely different way. Check out Accepteds Mock TBD Interview Services to learn how we can help you prep for your group interview. hbspt.cta.load(58291, '73fe2996-1440-4da4-8688-2b76294ff6e0'); For 25 years, Accepted has helped business school applicants gain acceptance to top programs. Our outstanding team of MBA admissions consultants features former business school admissions directors and professional writers who have guided our clients to admission at top MBA, EMBA, and other graduate business programs worldwide including Harvard, Stanford, Wharton, Booth, INSEAD, London Business School, and many more.  Want an MBA admissions expert  to help you get Accepted? Click here to get in touch! Related Resources: †¢ MBA Interview Prep: How to Ace Your Interviews, a free guide †¢ Do I Really Need a Mock Admissions Interview?, a short video †¢Ã‚  4 Tips For Team Interviews

When Was Color TV Invented

On June 25, 1951, CBS broadcast the very first commercial color TV program. Unfortunately, nearly no one could watch it since most people had only black-and-white televisions. The Color TV War In 1950, there were two companies vying to be the first to create color TVs -- CBS and RCA. When the FCC tested the two systems, the CBS system was approved, while the RCA system failed to pass because of low picture quality. With the approval from the FCC on October 11, 1950, CBS hoped that manufacturers would start producing their new color TVs only to find nearly all of them resisting production. The more CBS pushed for production, the more hostile the manufacturers became. The CBS system was disliked for three reasons. First, it was considered too expensive to make. Second, the image flickered. Third, since it was incompatible with black-and-white sets, it would make the eight million sets already owned by the public obsolete. RCA, on the other hand, was working on a system that would be compatible with black-and-white sets, they just needed more time to perfect their rotating-disk technology. In an aggressive move, RCA sent out 25,000 letters to television dealers condemning any of them that might sell CBSs incompatible, degraded televisions. RCA also sued CBS, slowing down CBSs advancement in the sale of color TVs. In the meantime, CBS started Operation Rainbow, where they tried to popularize color television (preferably their  color televisions). They placed color televisions in department stores and other places where large groups of people might gather. They also talked about manufacturing their televisions, if they had to. It was RCA, however, that ultimately won the color TV war. On December 17, 1953, RCA had improved their system enough to gain FCC approval. This RCA system taped a program in three colors (red, green, and blue) and then these were broadcast to television sets. RCA also managed to minimize the bandwidth needed to broadcast color programming. To prevent black-and-white sets from becoming obsolete, adapters were created that could be attached to black-and-white sets to convert color programming into black and white. These adapters allowed black-and-white sets to stay usable for decades to come.   The First Color TV Shows This first color program was a variety show simply called, Premiere. The show featured such celebrities as Ed Sullivan, Garry Moore, Faye Emerson, Arthur Godfrey, Sam Levenson, Robert Alda, and Isabel Bigley -- many of whom hosted their own shows in the 1950s. Premiere aired from 4:35 to 5:34 p.m. but only reached four cities: Boston, Philadelphia, Baltimore, and Washington, D.C. Although the colors were not quite true to life, the first program was a success. Two days later, on June 27, 1951, CBS began airing the first regularly-scheduled color television series, The World Is Yours! with Ivan T. Sanderson. Sanderson was a Scottish naturalist who had spent most of his life traveling the world and collecting animals; thus the program was about Sanderson discussing artifacts and animals from his travels. The World Is Yours! aired on weeknights from 4:30 to 5:00 p.m. On August 11, 1951, a month and a half after The World Is Yours! made its debut, CBS aired the first baseball game in color. The game was between the Brooklyn Dodgers and the Boston Braves at Ebbets Field in Brooklyn, New York. Sale of Color TVs Despite these early successes with color programming, the adoption of color television was a slow one. It wasnt until the 1960s that the public began buying color TVs in earnest and in the 1970s the American public finally started purchasing more color TV sets than black-and-white ones. Interestingly, sales of new black-and-white TV sets lingered on even into the 1980s.

A Network of Alliances case analysis Essay - 676 Words

MGT 362 Mei Fang Sung (0563365) Corning Incorporated: A Network of Alliances case analysis From 1980 to 1988, there are 2000 major alliances happen between U.S. and European. Most of the companies wanted to take advantage on low cost, new technology transmission, and sharing the risk. However, a U.S.-based survey point out that 57% of alliances had not succeeded between 1975 and 1985. There are several reasons, insufficient trust, conflict business goal, and chaos hierarchy organization. Corning is one of the most successful companies to create their alliances network. The reason why they were doing this is because they don’t have enough skill to transfer their innovation to profit. Therefore, they need to make†¦show more content†¦I do believe these two proposal have high opportunity to gain more market. Since 1988, the fiber price fell down 70% and Corning’s profit drop sharply. We know that the long distance optic cables market was mature already. Corning needs to explore newborn local cab le system. Otherwise, Corning would suffer huge loss when their patents expire in 1990s. Also, they can go to Eastern Europe and USSR and look for alliance partner so that they can provide their existed optic cable skill to those Europe companies. In addition, it is the right choice to provide their cable terminal peripherals alliance to IBM. Just like Intel, Corning can expand their market share by cooperate with the company who has the same high quality strategy. The third proposal is about TV glass business. Corning knew that Japanese companies dominated the TV industry in 1980s. The only way to cooperate with Japanese TV companies is through their supplier, either from Korean or Japan. Asahi would be the best candidate because they are the leader of TV glass industry and they are coming from Japan. However, Coring concerned about that if they make alliance with Asahi, they might lose their decision-making power. Therefore, Corning needed to make sure they won’t lose thei r autonomous. They need to make some clear hierarchy organization and ask for what technology Asahi willing to share with me? The whole idea of alliance is to share the technologyShow MoreRelatedLufthansa External Environment Analysis893 Words   |  4 PagesCASE : 4 LUFTHANSA 2003 : ENERGIZING A DECADE OF CHANGE CASE PROFILE PROBLEM IDENTIFICATION: The Basic question arises that why Lufthansa has survived, and even prospered, when so many legacy carriers have not, after facing so many crisis. What was the primary means through which CEO, Jurgen Weber, changed the culture of the organization? 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Comparison Great Gatsby and the American Dream free essay sample

â€Å"The American Dream– That pursuit of a better existence and a higher quality of life through hard work, determination and devotion. † This was said by Benjamin Franklin, who coined the phrase American Dream. The Great Gatsby, by Scott Fitzgerald, is an exploration of the American Dream as it exists in a corrupt period of history. The main themes in the novel – hope, success, ignorance, disillusionment, wealth, and morals, reflect this society. Hope is represented by the light across the bay that Gatsby was focused on. It was the embodiment of his main goal in life, which was to win back Daisy. Gatsby is full of hope – even when it is obvious to us he has lost Daisy he still continues to hope. Success was shown by the way that Gatsby felt the only was to win back Daisy was through his money. He used a corrupt form of the American Dream to acquire the wealth he thinks he needs. We will write a custom essay sample on Comparison: Great Gatsby and the American Dream or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page He tried every way that money could buy to try to satisfy his love for Daisy. Instead of confronting her with his feelings, he tried to get her attention by throwing huge parties with the hopes that she would show up. Whilst initially Daisy was impressed by his wealth, she became disenchanted when she found out how he’d acquired it. This corruption is shown by the use of the colour yellow. Gatsby’s yellow car is the murder weapon that kills Myrtle, and the rich, flaky women at Gatsby’s parties often wear yellow gowns. Ignorance was shown by the way the characters have very little self-knowledge and barely any knowledge of each other. Gatsby is extremely disillusioned, because he believes he can recreate the past and get back with Daisy even though she is married with a child. Throughout the book, even though it is obvious that his dream can never be realised, he refuses to accept reality. Colour is used to effectively enhance this idea. All of Gatsby’s parties are held at night, and are bright with false light. They are also filled with blue music, symbolizing romance and illusions. East and West Egg are prime examples of the problems wealth can create. Both societies let money influence their behaviours and attitudes towards other. Decay of Morals and loss of spirituality are seen constantly throughout the novel. It is most evident in the behaviour of the characters, with their lack of faithfulness and purpose. This is evident by their lifestyle and adultery. Dr. T. J. Eckelberg is a religious parallel, in that his eyes symbolize the Lord. In the society of this time, God had been pushed aside like the eyes of Dr. Eckelberg have been. The characters have pushed aside their morality and abandoned their spiritual element. The novel portrays this time as an era of decayed social and moral values, full of greed, materialism and empty pursuit of pleasure. It shows the dangers of pursuing a dream too fantastic, or purely material. The way that Fitzgerald saw the American Dream, it was originally about discovery, individualisation and pursuit of happiness. However, relaxed social values and easy money corrupted the dream. The main plotline reflects this theme, as Gatsby’s dream of loving Daisy is ruined by the difference in their social status. Gatsby dream is ruined by the unworthiness of its object, just as the American Dream was ruined by the unworthiness of its objects – money and pleasure. Like the 1920’s Americans, Gatsby vainly sought to recreate the past – an impossible feat. The characters themselves are emblems of the society of the 1920’s. Nick and Gatsby show the worldliness, cynicism and greed that resulted from the war. The people at Gatsby parties show a greedy scramble for wealth. There is a clash between old and new money in the symbolic West and East Egg. Gatsby’s fortune also represents the rise in organized crime and bootlegging. The treatment of Pammy, Daisy’s daughter, shows the materialism of the 1920’s. She is treated as an object to show off rather than a daughter to love. When the Great Gatsby was published in the spring of 1925, it had mixed receptions. A headline in the New York World read ‘Fitzgerald’s latest a dud. Another reviewer could not find one chemical trace of magic, life, irony, romance, or mysticism in all of The Great Gatsby, and concluded that Fitzgerald had simply been puttering around. The book was also a commercial disappointment, with only 20,000 copies being sold of the 75,00 produced. The book did, however, have its earlier admirers. Journalist H. L. Menken praised Gatsby as ‘plainly the product of a sound and stable talent, conjured into being by hard work. Gilbert Seldes, an early commentator on American popular culture, called it brilliant, and poet T. S Elliot said â€Å"this remarkable book seems to me to be the first step that American literature has taken since Henry James. It looks beyond the glitter of enormous wealth to the corruption that lies at its core. † It was his editor, however, Maxwell Perkins, who made the most prophetic observation; â€Å"One thing I think we can be sure of: that when the shouting and the rabble of reviewers and gossipers dies, The Great Gatsby will stand out as an extraordinary book. A Fitzgerald revival did not get underway until the 1950s. In the decades that followed, The Great Gatsby became famousand enduring. Today The Great Gatsby may well be the most widely read work of fiction written by an American in the twentieth century. The novel still sells more than three hundred thousand copies a year and, recently, was placed second on end-of-the-century lists of great English-language novels. We see Fitzgerald as the spokesperson of a rebellious post-war age, who provides us with great insight and understanding of society of the time. We appreciate the way it describes life in the 1920’s, the corruption, materialism, cynicism and greed. The book is praised not only for it’s themes, but for it’s structure. The use of a narrator who is more of a spectator than part of the action gives the reader greater observation and perspective of the characters and their actions. The Great Gatsby is a monument to the society of the 1920’s, providing us insight into the lives of the people of the time. It goes deeper than this, however. It shows us the mistakes made by those people in attempt to stop us making them ourselves. In a broader sense, the Great Gatsby is a warning to the society of today.

The Impact of Ownership Structure on the Dividend Policy free essay sample

We find evidence in support of the hypothesis that a positive relation exists between dividends and free cash flow and it’s greater for low-growth firms than for the high-growth firms. The results also show that the impact of managerial ownership and bank ownership on dividend yield is positive particularly for the low growth firms. This is inconsistent with the view that the managerial ownership and institutional ownership reduce the need for the dividend mechanism. Finally, there is evidence that the Keiretsu classification affects relations between ownership structure and dividend payouts. Overall, the dividend policy appears to be used by Japanese low-growth firms to control the overinvestment problem. Free cash flow hypothesis is to some degree supported. JEL classification codes: G32 G34 G35 Keywords: Ownership Structure, Dividend Policy, Free Cash Flow -2- 1. Introduction Why does a firm pay dividends? This question has been the subject of debate for many years, In the pre-Miller and Modigliani era, it was believed that increasing dividends would always increase market value. We will write a custom essay sample on The Impact of Ownership Structure on the Dividend Policy or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Miller and Modigliani (1961) establish that in a perfect capital market, given an investment policy, dividend is irrelevant in determining share value. Empirically, however, we have observed that a change in dividend policy does have a significant impact on the share price. Different researchers have concentrated on different types of imperfections in the market in order to rationalize why dividends matter. Of these, a plausible idea is that corporate dividend policy addresses agency problems between shareholders and managers (Rozeff, 1982; Easterbrook, 1984; Jensen, 1986). According to these agency theories, unless profits are paid out to shareholders as dividends, they may be committed to unprofitable projects that provide private benefits for the managers. Rozeff (1982) and Easterbrook (1984) argues that the payment of dividends expose companies to the possible need to raise external funds, and hence subjects them to greater monitoring by capital markets. Jensen (1986) argues that paying dividends reduces the discretionary resources under managerial control and so helps to mitigate the overinvestment problem. In this study, we examine the implication of the free cash flow hypothesis in corporate dividend policy, and focus specifically on cross-sectional relations between dividend payout policy and ownership structure and free cash flow. Given the severity of the overinvestment problem, relations between dividend payouts and ownership structure, free cash flow may be conditioned on the existence of growth opportunities. This research examines how the sensitivity of relations between dividend payouts and ownership structure, free cash flow varies cross-sectionally with growth opportunities. Previous studies have shown that in countries like the US, firm ownership is relatively dispersed, leading to a limited ability of owners to monitor or control management’s use of free cash flow. Thus the dividend payout is one of the primary control mechanisms whereby shareholders can reduce management access to or abuse of discretionary funds. In countries with 1) a higher concentration of ownership 2) extensive cross-shareholding and 3) strong banking relationship, like Japan, dominant shareholders are believed to have both the incentives and the ability to keep management in check. Tests using a sample of 986 observations for 350 firms from 1992 to 2000 period indicate that the sensitivity of managerial ownership and bank ownership to dividend payouts varies directly with the relative abundance of growth opportunities. we find that dividend payouts for low-growth firms are significantly related to managerial ownership and bank ownership. In -3- contrast, there are no significant relations between dividend payouts and managerial ownership, bank ownership for high-growth firms. We also investigate associations between free cash flow and dividend payouts. Consistent with the prediction by Jensen (1986), there is a strong positive relation between the level of free cash flow and dividend payouts. Furthermore, association between free cash flow and dividend payouts is stronger for low-growth firms. The rest of the paper is organized as follows. Section 2 reviews the previous theoretical and empirical research. Section 3 explains the Japanese institutional background. Section 4 describes the empirical framework. The empirical results are presented in Section 5-6 and Section 7 concludes. . Dividend payouts, Ownership Structure and Agency Cost Theory 2. 1 Dividends and Agency Costs Corporate dividend policy has been viewed as a control mechanism that mitigates agency conflicts between shareholders and managers. Jensen and Meckling (1976) suggest that one way to reduce agency costs of equity is to pay a larger proportion of its earnings as dividends to its stockholders. A high dividend payout ratio will result in lower â€Å"discretionary† cash flows available to be squandered away by managers. Rozeff (1982) argues that dividend payments are part of the firm’s optimal monitoring/bonding package and serve to reduce agency costs. Easterbrook (1984) lists some of the mechanisms by which dividends and the consequent raising of capital can control agency costs. Agency costs â€Å"are less serious if the firm is constantly in the market for new capital. When it issues new securities, the firm’s affairs will be reviewed by an investment banker or some similar intermediary acting as a monitor for the collective interest of shareholders, and by the purchasers of the new instruments†. Free cash flow hypothesis The free cash flow hypothesis is a variant of the agency argument based on the Principal-Agent framework. According to this framework, dividends are used by shareholders as a device to reduce overinvestment by managers. Jensen(1986) argues that managers with substantial free cash flow tend to invest it in wasteful projects rather than pay it out to shareholders, because managerial compensation and perquisites increase even with poor investments. These unnecessary investments lead to poor performance, creating conflicts between shareholders and managers. Jensen emphasizes the disciplinary role of dividends that restrain managerial unprofitable expansionary tendencies by limiting financial resources available to managers. Dividend payments represent an ongoing commitment to maintain higher payments in future periods, because firms are reluctant to cut dividends and have been greeted by a significant -4- negative stock market reaction when they do. Jensen suggests that dividends should be paid out in ways that instigate managers to gorge the cash beyond the optimal amount. This implies that free cash flow positively determines dividend payments. . 3 Ownership structure and dividend policy One criticism of the agency cost theory is that if managers want to overinvest or spend more on jets, what is the mechanism that will force them self-commit to an action that will prevent them from doing so? Several authors address this issue in the context of ownership structure 2. 3. 1 Institutional Ownership There are several important ways in which institutions differ from individual investors. In general, institutions manage large pools of funds and therefore invest larger amounts in each stock. Because they have larger amounts at stake, they should have incentives to devote resources to monitoring (Grossman and Hart, 1980; Shleifer and Vishny,1986). Institutions are also likely to be better informed than are individual investors. Not only do institutions devote resources to gathering information, but they are also sometimes privy to corporate information that individual investors do not have ( Michaely and Shaw,1994). However, the prediction on the relationship between dividend policy and institutional ownership are mixed. The first line of research suggests a positive relation. Zeckhauser and pound (1990) suggest the arm’s length view of investment held by many institutional investors, coupled with the incentives to free ride with respect to monitoring activities, implies that institutional shareholders are unlikely to provide direct monitoring themselves. The institutions, rather than providing monitoring themselves, forces firms to increase their dividends in order that they are subsequently forced to go to the external capital market for future funds. Eckbo and Verma (1994) argue that institutional shareholders will prefer free cash flow to be distributed in the form of dividends in order to reduce the agency costs of free cash flow. From this perspective, it may be argued that institutional shareholders may counter a tendency for managers to prefer the excessive retention of cash flow and, by virtue of their voting power, force managers to pay out dividends. Moh’d, Perry and Rimbey (1994) and Short, Zhang, and Keasey (2002) also provide additional support. The second line of research suggests a negative relation. Jensen and Meckling (1976) argue that external monitoring activity is an important controlling element when agency conflict exists. If large institutional investors act as monitoring agents, and if dividends are paid to reduce agency cost, then according to this theory, there should be a substitute relation between dividend policy and institutional ownership. This implies a negative relationship between the percentage of -5- hares held by institutions and the dividend payout. D’Souz, and Saxena (1999) provide the empirical evidence. 2. 3. 2 Managerial Ownership There are several lines of argument on the role of managerial ownership. The first line of argument suggest that managerial ownership may better aligning the interest of management and shareholders and helps mitigate free cash flow problems. Therefore it results in a higher level of total payouts when managers hold more shares. ( White,1996; Fenn and Liang,2001). The second line of argument suggest that insider stock ownership provides direct incentive alignment between managers and shareholders while dividends serve as a bonding mechanism reducing management’s scope for making unprofitable investment out of internal funds. Thus, insider stock ownership and dividend policy are viewed as substitute means of addressing potential agency problem. Empirical articles have shown that managerial ownership is not a linear function of agency costs. Morck, Shleifer and Vishny (1988) and McConnell and Servaes (1990) found insider ownership is related to performance in a nonlinear fashion. Schooley and Barney (1994) report a nonmonotonic relation between CEO stock ownership and dividend yield. Farinha (2003) documented the U-shaped relationship between insider ownership and dividend payout in the UK. He argues that it stems from the effects of managerial entrenchment. Japanese Institutional Background Japan offers us a valuable opportunity to examine issues related to dividend policy under an institutional setup quite different from that in U. S. , such as the main bank, the cross-shareholding among corporations. This distinctive Japanese institutional background may result in important difference between Japanese and U. S. firms in terms of corporate monitoring and information sharing. Since, most theoretical explanations of dividends rely on agency and information issues, they would suggest different choices of dividend policy in Japan. 3. 1 Main bank -6- Aoki, Patrick and Sheard (1994) highlight a significant governance role played by the main bank for Japanese firms. The main bank effectively monitors the client firms by becoming well-informed about the firm (Diamond, 1984)). The main bank’s equity stake in the client firm mitigates agency costs between creditors and shareholders (Prowse (1990)). The main bank sometimes intervenes the management of the client firm that performs poorly by appointing bank employees to the board of directors in the client firm (Kaplan and Minton,1994; Kang and Shivdasani, 1995; Morck and Nakamura, 1999). In case of financial distress, the main bank acts as a guarantor for other creditors, reducing the cost related to the restructuring of the client firm (Hoshi, Kashyap and Sharfstein,1990).. In contrast, several authors suggest that there is a cost in having a main bank. Firms relying on the main bank for financing are likely to be constrained in raising the additional capital when the banking sector as a whole has a financial difficulty (Kang and Stulz, 2000). The main bank can extract surplus from the client firms due to its monopolistic power of information production (Rajan, 1992). In a similar context, the main bank has an incentive to force the client firms to undertake low-risk, negative NPV projects (Weinstein and Yafeh, 1998). Firms that do not depend on bank borrowing exhibit higher profitability than the matched sample of firms that have a main bank ( Kang and Shivdasani, 1999). 3. 2 Keiretsu Group There exist differences between keiretsu or industrial groups centered around affiliated banks and financial institutions and unaffiliated independent firms with weaker banking ties. Japanese industrial organization is characterized by groups of enterprises (keiretsu) composed of firms based in different industries but bound by ties of fractional ownership and reliant on a large commercial bank as the major but not sole lender. The large shareholders of keiretsu firms often are also large creditors of the firm as well as important long-term commercial business partners. The keiretsu and non-keiretsu firms are facing different liquidity constraints in their investment spending. Investment spending is very sensitive to liquidity constrains for non-keiretsu firms, but not so for keiretsu firms. Since keiretsu firms are likely to have better access to financing sources, keiretsu firms seemingly face less liquidity constraints in making investment decision. The differences in institutional arrangements between keiretsu and non-keiretsu firms may influence the behavior of shareholders as monitors. Kester (1990) describes the corporate governance system of keiretsu firms in terms of a complex interaction between shareholdings, credit holding and long-term business relationship that exist between the firm and its stake holders. Aoki, Patric, and Sheard (1994), and Berglof and Perotti (1994) suggest a two-tier monitor system. In the first stage, corporate cross-shareholders serve as the monitors under -7- normal circumstances because they have specific industry knowledge and observe each others’ performance through their business relations. In the second stage, the financial institutions take an active intervention role when member firms get into financial distress, replacing incumbent managers and requiring restructuring and liquidation of assets. Managerial equity ownership Because the well-known keiretsu structure and influential bank shareholders, the agency problems between Japanese managers and shareholders are considered to be minimal (e. g. Nakatani, 1984; Hoshi, Kashyap and Scharfstein, 1990, 1991; and Prowse, 1990). The manager ownership, as a way of aligning interests between managers and shareholders, has been viewed as an unnecessary corporate governance mechanism. However Kang and Stulz (1998), Mock and Nakamura (1999), and Weinstein and Yafeh (1998) questioned the effectiveness of bank oversight in Japan. Morck and Nakamura (1999) argue that for independent firms, bank equity holders pursue their interests as creditors at the expense of their equity claims. Gibson(1995) and Kang and Stulz (2000) argue that poor bank health may adversely affect their dependent firms’ investment prospects, which, in turn, would affect their ability to monitor effectively. This particular contention is especially relevant to the late 1980’s and early 1990’s as it is well known that Japanese banks have been experiencing significant financial difficulties during this time period. In light of these findings, Morck and Nakamura (1999) contend that some independent firms may require corporate control mechanisms other than bank oversight. Due to the decline in power of Japanese banks, the rarity of incentive-based compensation contracts for Japanese managers, and the fact that many Japanese firms are not affiliated with a keiretsu group, the managerial-ownership may represents an alternative mechanism to ensure that firms operate efficiently. Thus, the unique Japanese institutional arrangements provide an interesting backdrop to investigate whether cash flow theory explanation for dividend policy still apply given the differences. 4. Empirical framework 4. 1 Hypotheses If one assumes, as suggested by Jensen (1986), that managers receive utility from increasing the size of the firm, the control function of dividend payouts on the overinvestment problem varies with the firm’s growth opportunities. Management may have an incentive to pay out as few dividends as possible at shareholders’ expense. The overinvestment problem is less important and may be trivial for firms with many growth opportunities, because the objectives of managers and shareholders are more likely to coincide. On the other hand, when good projects are not -8- available, managers with substantial free cash flow must find ways to spend it and hence choose poor projects. Thus, the overinvestment problem is higher for low-growth firms than for high-growth firms, and divergence of interests between shareholders and managers over the firm’s payout policy are more severe in firms with few growth opportunities. These firms can limit management’s temptation to overinvest by paying out a larger percentage of their earnings. Their high-growth counterparts with lots of investment opportunities are likely to pay low dividends because they have profitable uses for the capital. For this reason, we expect stronger relations between free cash flow and dividend payouts for low-growth firms. Hypothesis I: relations between the level of free cash flow and dividend payouts are positive and are stronger for firms with low growth opportunities. Most of the existing agency explanations of payout rely on the implicit assumption that firms can get refinanced on the capital markets when they need funds to undertake new investment projects. Consequently, the strategy that minimizes agency costs is to maintain a high payout (to reduce the amount of free cash flow and to avoid overinvestment problems) and to raise new outside capital whenever and attractive investment opportunity emerges. Outside shareholders are harmed by a potential overinvestment and therefore they have preferences for high payout, which curbs the amount of corporate resources that can be spent by management on value reducing projects. Managerial ownership helps to align interests of management and shareholders that may yield the reduction of agency costs stemming from payout smaller. Consequently, payout ratios in a firm with managerial block holdings may be low because the severity of manager-shareholder agency conflict is low. This traditional agency view generates a set of hypothesis that the payout is negatively related with the managerial ownership. Institutional investors are more effective at monitoring management than retail investors. Due to the size of their investments and the resources at their disposal, institutional investors have greater incentive and ability to gather and analyze information pertaining to their investments, as well as a greater ability to discipline management and push for changes when management performs poorly.

Violence against Women The WritePass Journal

Violence against Women Introduction Violence against Women to 2013 estimated that approximately 1.2 million women suffered from domestic abuse and other 330,000 were sexually assaulted. Sexual violence and domestic violence are in most cases hidden because the victims choose to suffer in silence or are afraid to come out and report (Riecher-Rössler GarciÃŒ a-Moreno 2013).). Violence against women and girls is recognised globally as a violation of fundamental human rights that include the right to non-discrimination based on sex, right to not be treated inhumanly and degradingly, right to respect for private and family life and right to life (Bird Westley 2011). The 1995 Beijing Platform for Action to which the United Kingdom is committed, states that violence against women is one of the major hindrances to the achievement of gender equality. Although the United Kingdom. The United Nations Committee and the European Court of Human Rights on the elimination of discrimination against women recognises violence against women as a form of discrimination. The United Kingdom has an obligation to exercise due diligence to prevent violence against women under the European Convention on Human Rights. Under the Beijing Platform and the Convention, the country has an obligation to change stereotypes, cultures and attitudes that perpetuate gender inequality. In the UK the new public sector equality duty under the Equality Act of 2010 requires all public bodies to consider equality, discrimination and good relations between groups in the way they formulate policy, employ people, buy goods and services and deliver services. This means that all the public bodies have an obligation to prevent violence against women. Violence against women voluntary sector The voluntary sector provides important services to support and protect the victims of violence against women. The organisations in the voluntary sector working to end the violence directed towards women in the United Kingdom challenge the system that allows for violence and abuse to continue in the country and at the same time celebrate the women who have survived such violent. The voluntary sector mostly pursues proactive prevention measures that can be categorised into three major groups depending on the target population (Stark Buzawa 2009). The first group consists of the general measures directed at certain population groups or the whole population. For instance some of the voluntary groups use study courses in preventing violence against women for students and media campaigns targeting specific groups of children. The second category comprises of targeted measures directed at specific high risk groups for instance educating the armed forces on the importance of respecting the rights of women and all other human beings. The last category consists of the measures directed at the individuals who have already been subjected to violence before with an intention of preventing them from committing the violence again. For example they provide rehabilitation programs for the perpetrators of violence to educate them on the importance of respecting the rights of women and human rights in general. Educational institutions and schools have been supportive of the voluntary sector as they allow them to access the students and educate them on the adverse effects of violence against women. In addition to that, these institutions also pay special attention to violent behaviour as far as the welfare of the students is concerned. The voluntary sector organises awareness campaigns targeting women to inform them that men are responsible for all their acts of violence and that such violence is illegal and as such should be reported and punished. Such initiatives are aimed at encouraging more women to come out and report the violence that they suffer privately at home in order to protect them from repeated assaults which can end up costing their lives in the long run. The campaigns also encourage the men to examine and challenge any cultural orientations that perpetuate violence against women. The programs directed at the young people have particularly been rewarding as it has reduced vio lence in learning institutions although there is still need to do more (Hughes Owen 2009). The voluntary organisations often target providing education to the young people to correct the system. Most of these organisations believe that it is the system to blame for the high rates of violence against women because the society is not sufficiently educated on the need for respecting the basic human rights thus leading to the violation of the rights of women through battery and sexual violence (Harne Radford 2008). As such they direct a lot of their effort in educating the young people at an age where the identity of their gender is just starting to take shape and can easily be influenced. For example the 16-20 age groups are often persuaded to stay in love and respect their partners in order to reduce violent behaviour in partnerships. The emphasis is that if they really love their partners then they should always strive to make them happy and not engage in any acts that would harm t hem. Such programs are often conducted in different communities including youth associations, schools and sports clubs. In terms of protecting the immigrant community, the voluntary organisations often pursue comprehensive integration as the best strategy for preventing them against violence. The aim of comprehensive integration is not just to help them find jobs and settle but to help them restore their sense of life control. One way of helping the immigrants achieve this is by giving them information, support and guidance in the early stages of integration. The voluntary organisations often do this with respect to their cultural backgrounds in order to ensure that they do not perceive the process as one designed to force them abandon their cultures. The intervention programs targeting the immigrant groups are normally well constructed in order to consider their cultural backgrounds as well as the different challenges that come with the process of immigration and integration. Some of the immigrants coming into the country are from countries with patriarchal and hierarchic social structures where the right of women with regard to equality is something that has never existed both in theory and practice. For instance the girls who come to the country from cultures that do not proscribe violence against women often live under several restrictions (DeKeseredy 2011). Such restrictions make the integration process very difficult let alone access to information on physical and sexual violence. In these groups some parents at times prohibit their daughters from using the internet, engaging in leisure activities, meeting boys or doing any other things that their peers are doing and they may also wish to participate in. The voluntary organisations often dissuade the immigrant communities with such cultures from sending their girls to other countries in order to defend their sexual reputation. Although the gendered phenomenon is inculcated deep into their culture, these organisations target the parents from this group with an aim of informing them on the dangers they expose their daughters to by forcing them to move to the other countries. Incidences of forced or early marriages are also common among these people and this increases the risk of the women and girls being exposed to violence because they do not have free will since all decisions are made for them by other people. In order to stop such behaviour and protect the women and the young girls, the voluntary organisations often offer low threshold services and activities as well as peer support groups to inform the population on the availability of such services so that they know where to turn to whenever they need any kind of assistance. Marri age is a voluntary union under the UK legislation and all the marriage procedures are supposed to protect the freedom of choice of all the individuals involved. The voluntary organisations often give the immigrants information regarding gender equality, consequences of domestic violence and rape, and where to report such incidences whenever they are perpetrated. Peer groups are one effective channel that the voluntary organisations utilise in passing information regarding aspects like welfare, wellbeing, life control and prevention of violence against women. These groups are efficient in that the members are in most cases free to discuss their personal challenges with their colleagues making it easy for the voluntary organisations to offer help and assistance to the victims of violence against women. To the victims of violence, the voluntary organisations normally offer them support as well as therapy to help them recover from the trauma caused by the violence. The support is normally offered jointly with other health services in selected environments to help the victims recover in the shortest time possible and resume their normal life activities (Thiara et al 2012). In addition to this, the voluntary organisations also help the victims to make use of the legal system by reporting the offenders to the authorities so they can face the law and pay for the consequences of their unlawful actions. For instance they offer financial assistance to the women who are unable to raise the legal fees, file for divorce, social security, and negotiate for child custody among other things. Owing to the fact that child custody and visiting arrangements exposes the victims to the risk of further violence in the form of blackmail, threats or direct violence the voluntary organisations normally hel p the women with security arrangements like insisting that whenever such visits are made it should never be in private. The voluntary organisations have managed to achieve this level of success because they devised strategies of reaching out to the women and men differently. Once they identified that the issue lies with the system, they embarked on educating the young people on the importance of respecting human rights and upholding high moral values. To the women who are currently at the risk of being exposed to violence, the voluntary organisations have made measures to encourage them to come out and report so that they can be assisted. They inform the women that the men should take responsibility for their actions and as such they should come out and report any incidences of violence early before they escalate to the level of interfering with the quality of their lives (Lombard McMillan 2013). The men are encouraged to resort to other measures of conflict resolution without resorting to violence because violence is itself a problem and does not provide a solution to anything. This shows that diffe rent categories require different intervention mechanisms but all these efforts are aimed at achieving the major objective which is to protect women against gender based violence. The response of the voluntary sector to the issue at hand is directed by both proactive and reactive approaches. These strategies are important as they are useful in helping the voluntary organisations achieve their objectives in the short and long run. The proactive approaches are used on the young populations with an objective of educating them on the need to uphold high moral values and respect human rights (Hughes Owen 2009). They are encouraged to solve their differences in relationships amicably without resorting to violence because violence only leads to more problems. The reactive approach on the other hand is intended to help both the perpetrators and victims of gender violence. The victims are encouraged to report the perpetrators to the authorities, seek counselling and get out of the abusive marriages. The perpetrators are also offered counselling and educative services to ensure that they do not repeat the crimes again. The response of the voluntary sector differs slightly from those of the statutory agencies because the latter mostly pursues the reactive approach while the former pursues both (True 2012). The statutory agencies help the victims by offering different services like healthcare, counselling, encouraging the victims to report, and helping the victims with the legal procedures among others. Their emphasis is twofold, one is to help the victims and the other one is to deter the behaviour. The sectors response presents a holistic approach as it aims to provide both short term and long term solutions. There is no evidence that the measures taken to control violence against women are working because the number of violence victims is still high in the country as already indicated in the country. There is also a possibility that the figures provided are still an underestimation given that many women still fear coming out to report that they are in abusive relationships (DeKeseredy 2011). External factors particularly funding has affected the response of the voluntary sector because they have limited resources at their disposal. The devolution of funding for the voluntary sector from the central government to the local authorities has resulted into many inconsistencies in levels and types of funding. For example many local authorities in the country have stopped giving the grant aid and now prefer commissioning of services through tendering and other contract funding. This has led to instability within the voluntary sector and loss of essential services (True 2012). A perfect example is refuge accommodation where the authorities have resorted to support few large organisations providing services to communities that they do not have any previous connections or knowledge at the expense of strengthening the smaller local organisations that are well placed to cater for the needs of the local people. In other cases the housing associations and other providers are taking ov er the specialist services offered for the victims leading to loss of expertise and independence of the voluntary sector (Thiara et al 2012). With the limited funds the voluntary sector cannot do much and as such they should focus their energy and resources on services not offered by the statutory bodies. There is need for them to focus on the key areas that they can achieve maximum returns with the limited funds while exploring other means of raising more money to support their activities. Summary and the key issues The prevalence of violence against women is still high in the United Kingdom despite all the efforts made by the government to reduce the problem. The voluntary organisations present a good avenue of mitigating the problem although they face many challenges that hamper the effective execution of their services. These challenges range from inadequate financing to additional roles like caring for men too have destabilised the organisations. The national government should therefore help these voluntary organisations with adequate funds and support to help them reduce violence against women in the United Kingdom. References Adams, R. (2010). The short guide to social work. Bristol: Policy. Bardwell, A. (2010). Domestic violence (DV) as violence against women: A human rights issue. A study of the UK governments human rights violations against South Asian women victims of DV. University of Essex Bird, F. B., Westley, F. (2011). Voices from the voluntary sector: Perspectives on leadership challenges. Toronto: University of Toronto Press. DeKeseredy, W. S. (2011). Violence against women: Myths, facts, controversies. Toronto: University of Toronto Press. Harne, L., Radford, J. (2008). Tackling domestic violence: Theories, policies and practice. Maidenhead: McGraw-Hill/Open University Press. Hughes, L., Owen, H. (2009). Good practice in safeguarding children: Working effectively in child protection. London: Jessica Kingsley Publishers. Lombard, N., McMillan, L. (2013). Violence against women: Current theory and practice in domestic abuse, sexual violence and exploitation. London: Jessica Kingsley Publishers. Riecher-Rössler, A., GarciÃŒ a-Moreno, C. (2013). Violence against women and mental health. Basel: Karger. Stark, E., Buzawa, E. S. (2009). Violence against women in families and relationships. Santa Barbara, Calif: Praeger/ABC-CLIO. Thiara, R. K., Hauge, G., Bashall, R., Ellis, B., Mullender, A., Harwin, N. (2012). Disabled women and domestic violence: Responding to the experiences of survivors. London: Jessica Kingsley. True, J. (2012). The political economy of violence against women. New York, NY: Oxford University Press.

Financial services in uk Essay Example | Topics and Well Written Essays - 2500 words

Financial services in uk - Essay Example ooming financial sector due to the emphasis the government has placed on showcasing the strengths of this industry which has powerful entities with worldwide recognition such as the London Stock Exchange (LSE) and the an affluent population of 60,609,153 which has one of the highest real gross domestic product per capita in the world at $30,821 (CultureGrams, 2008). Preventing customer complaints and resolving them in a civilized manner is a critical success factor for companies in this industry in the UK. This essay studies customer service, customer complaints and the application of contract laws related to disputes between customer and firms in the United Kingdom. The financial services industry is a business whose worldwide market value is worth trillion of euros (Plunkett Research, 2008). This industry is composed of different segments which generate sales most of which are service oriented. The different sectors within the industry include commercial banking, private marking, equity market, consulting, financial planning, brokerage, real estate, and insurance among other financial services. In the United Kingdom the capital hub for financial activity is London, followed by Scotland a region in which 108,000 people or 10% of the working population are employed in the financial service industry that generated in 2007 nearly 7 billion euros in economic activity (Sfe, 2008). The people working in the financial services industry depend on customer retention in order for firms to build a portfolio of clients that bring recurrent business to firms. Just like in other industry a customer comes back and recommends the services of a store or company only if they are satisfied with the product they receive. It is essential to provide service to customer and to build a customer total quality program based on a strategic view that the customer is the most important stakeholder of the company. All business process must be geared to satisfy the needs of the customer and

The Rise and Fall of LTCM Essay Example | Topics and Well Written Essays - 1000 words

The Rise and Fall of LTCM - Essay Example On the other hand, there are differences between hedge and mutual funds, whereby the hedge funds are managed more aggressively compared to the mutual funds, hence making it possible to take speculative positions in derivative securities like decisions to short sell stock. Moreover, this increases leverage and risk of the funds hence are making it possible for the funds to gain profits when the market is declining. On the other hand, mutual funds are not allowed to be involved in highly leveraged positions; hence, they are considered safer than the hedge funds. Main sources of LTCM initial success The main sources of success for LTCM were associated with a complex mathematical model that the company had established in order to benefit from fixed income arbitrage deals within the bonds of U.S.A, Japanese and European governments (Dunbar, 5). They applied the fundamental idea of the changes in the values of the long dated bonds issued a short time apart, which becomes similar. Neverthel ess, the bonds were approached at a different rate, and they were more traded bonds like the US Treasury bonds, whereby the long-term prices are approached more effectively, though they are less heavily traded and liquid. The other main of success factor was the financial transactions, which related to purchasing cheaper bonds, short selling them more expensive and liquid, hence generating profit from the difference in the value of the bonds. In fact, their capital grew, and they were willing to invest the capital somewhere; hence, they run out of outstanding bond-arbitrage bets leading to LTCM to apply strategies that were beyond their expertise (MacKenzie, 349). Nonetheless, their trading strategies were nonmarket directional, whereby they did not depend on the overall market interest rates or fluctuations of stock prices, since they had no convergence trades. Main reasons for LTCM collapse The success of the LTCM in the financial markets occurred within a short period, and this w as attributed to informational asymmetries by the fund managers, hence resulting to a downfall before the establishment of the East Asian financial crisis, in 1997. The downfall began with a reduction noted on the net returns in 1998 for the period between May that had 65% and June, 10.4%, resulting to a reduction of their capital by $461 million, in fact, when the Salomon Brothers withdrew from the arbitrage business in July 1998, the downfall was escalated. The losses were accentuated by crisis experienced in Russia during the month of August and September in 1998, when the bonds were defaulted in Russia by their government, leading to investors’ decision to sell European and Japanese bonds in order to purchase the treasury bonds in U.S.A due to their worries. Profits anticipated as the value of the bonds purchased in U.S.A resulted to losses due to convergence of bonds while their value diverged; consequently, the LTCM had incurred losses worth 1.85 billion dollars by the end of August. LTCM could no longer provide investors with annual returns of 40%; instead they were they went through a Flight–to-Liquidity, and in the beginning of September, their equity reduced from 2.3 billion dollars to 600 million dollars with no dwindling portfolio, and this resulted to a further increase in

American Government Essay Example for Free

American Government Essay The Supreme Court case Loving v. Virginia (1967) resulted in the striking down of state laws that prohibited whites and African Americans from marrying. Mildred Loving, one of the parties in the case, issued a statement on the fortieth-anniversary of her case in which she urged that same-sex couples be allowed to marry. Q. Are the two issues—laws prohibiting interracial marriage and laws prohibiting same-sex marriage—similar? Why or why not? I believe laws prohibiting interracial marriage and laws prohibiting same-sex marriage are similar. Marriage is a unique bond between a man and a woman, who agree to live together and fulfill each others moral and physical demands. However, such a bondage between a woman and a woman or a man and a man would be against nature. This is a widely accepted notion. In the Loving v. Virginia case, the judge believed when God created different races and placed them on separate continents. Men should not interfere with His arrangements and should not pursue interracial relationships. However, the ACLU filed a motion on behalf of the Lovings that Racial Integrity Act 1924 and Statutes preventing marriages solely on the basis of classification violates The Equal Protection and Due Process clauses of the 14th amendment. This case holds its significance as it redefined what constituted a marriage. Some proponents of gay rights have cited this case in support of a right to marriage. Although opponents argue that this is not viable as the Loving marriage was still between a man and a woman. In the United States, at the beginning of the twenty-first century, Americans considered the freedom to choose a marriage partner a fundamental right. The idea that government could interfere with that choice is unthinkable. The case is also significant because it is about how the United States defined marriage. Before 1967, a legal marriage could not be contracted in states with anti-miscegenation laws if the partners were of different races. Thus the case redefined what constituted a marriage. Some proponents of gay rights have cited this case in support of a right to marriage, although opponents argue that this is not viable as the Loving marriage was still between a man and a woman. Randall Kennedy’s Interracial Intimacies, saw that opponents’ arguments against interracial relationships mirrored those of gay  rights opponents. In Loving, Virginia’s Supreme Court justified a ban on interracial marriages by citing religious beliefs. Others argued against it on the grounds that it violated natural order, same is the case with same-sex marriages. the American Psychiatric Association considered homosexuality a psychological disorder until 1973. Marriages are sought majorly as a foundation for having children, the relation to procreation is different in gay relationships. The live-and-let-live phenomenon practiced by most Americans doesn’t apply to this spectrum, as it didn’t apply to interracial marriages before 1967. Majority of the Americans are against it from both the political spheres. President Clinton, during his reign signed the defense of marriage act, which refuses to recognize gay marriages, despite his election platform for gay rights. Also, the lynching of Matthew Shepard in 1998 revealed that homosexuality triggered the same kind of violence and fear that was generated in the past by black-white sexual relations. Plus, a similar inversion of family values appears in opponents arguments against gay marriage and in the historical argument against interracial sex. Casual sex is more tolerable than sex that involved meaning, this stood true for interracial non-marriage relationships and again the same holds true for gays today. However, according to Colin Powell, the analogy of gays to race is wrong, explaining that race is a status and sexual orientation is a behavior. Similar arguments against same-sex and interracial relationships appear in regards to children. There was once total opposition to couples adopting children of different races, and there is still weight placed against allowing a white couple to adopt a black child, he said, because of societal pressures. The National Association for Black Social Workers has said such cases may result in black children having â€Å"white minds.† Similarly, fears abound that adopted children whose parents are gay will be more subject to prejudice, or the child will â€Å"have confusion over their sexual orientation†¦or worse, they’ll end up being gay.†

The House of Bernarda Alba and A Dolls House Essay -- Feminism

Federico Garcia Lorca's â€Å"The House of Bernarda Alba† and Henrik Ibsen's â€Å"A Doll's House† both protest against the confinement of women of their days. Although the Houses are set differently in Spain of 20th century and Norway of 19th century respectively, both the plays relate in illuminating their respective female protagonists, Adela and Nora, as they eventually develop a sense of individuality and self-expression, emerging as free individuals from repression. The authors’ attempts to do so allow the audience to gain an insight into the social norms that each protagonist was pitted against. This heightens the tension as the action develops. Both Adela and Nora are inherently individualistic, and their innate nature is shown especially when they covertly display defiance in occasions of high social expectations. Despite Bernarda’s declaration of a long period of mourning and her orders to stay within the walls of her house and to wear only black, Adela cheerfully wears a colourful dress of zealous green and goes out of the house, disobeying Bernarda, â€Å"to look for what is [hers], what belongs to [her]† – Pepe el Romano. In ‘A Doll’s House’, while Mrs Linde asserts that â€Å"a wife can’t borrow without her husband’s permission† , Nora, whom her husband Torvald calls â€Å"[his] independent little creature,† leaks out her insubordinate action of borrowing. She even dares to forge her father’s signature, but more importantly, she individually decides for herself why she has to forge – to save â€Å"her husband’s life† on her own. The pressure to comply with the traditional societal conventions induces the central characters of both the plays to masquerade. Appearing as an innocent â€Å"poor little thing† to Magdalena, Adela confidently thinks of... ...e whole town against me, branding me with their fiery fingers, persecuted by people who claim to be decent, and right in front of them I will put on a crown of thorns, like a mistress of a married man!† The free flow of words from Nora’s and Adela’s hearts triggers the audience to think about the power of transformation. Despite their initial confinement and dishonesty, both Nora and Adela are courageous and passionate, possessing the strength to pursue freedom; they are risk-takers who challenge circumstances notwithstanding the uncertainties of future. Their choices of self-expression and freedom – through abandonment and death respectively – and the characters themselves representationally express the potential energy of women and endlessly protest for independence of women of every era and culture. Works Cited The House of Bernarda Alba A Doll's House

Crisis Blown over

November 30, 1997 goes down in the history of a Bangalore-based electric company as the day nobody wanting it to recur but everyone recollecting it with sense of pride. It was a festive day for all the 700-plus employees. Festoons were strung all over, banners were put up; banana trunks and leaves adorned the factory gate, instead of the usual red flags; and loud speakers were blaring Kannada songs. It was day the employees chose to celebrate Kannada Rajyothsava, annual feature of all Karnataka-based organisations. The function was to start at 4 p. m. and everybody was eagerly waiting for the big event to take place. But the event, budgeted at Rs 1,00,000 did not take place. At around 2 p. m. , there was a ghastly accident in the machine shop. Murthy was caught in the vertical turret lathe and was wounded fatally. His end came in the ambulance on the way to hospital. The management sought union help, and the union leaders did respond with a positive attitude. They did not want to fish in troubled waters. Series of meetings were held between the union leaders and the management. The discussions centred around two major issues—(i) restoring normalcy, and (ii) determining the amount of compensation to be paid to the dependants of Murthy. Luckily for the management, the accident took place on a Saturday. The next day was a weekly holiday and this helped the tension to diffuse to a large extent. The funeral of the deceased took place on Sunday without any hitch. The management hoped that things would be normal on Monday morning. But the hope was belied. The workers refused to resume work. Again the management approached the union for help. Union leaders advised the workers to resume work in al departments except in the machine shop, and the suggestions was accepted by all. Two weeks went by, nobody entered the machine shop, though work in other places resumed. Union leaders came with a new idea to the management—to perform a pooja to ward off any evil that had befallen on the lathe. The management accepted the idea and homa was performed in the machine shop for about five hours commencing early in the morning. This helped to some extent. The workers started operations on all other machines in the machine shop except on the fateful lathe. It took two full months and a lot of persuasion from the union leaders for the workers to switch on the lathe. The crisis was blown over, thanks to the responsible role played by the union leaders and their fellow workers. Neither the management nor the workers wish that such an incident should recur. As the wages of the deceased grossed Rs 6,500 per month, Murthy was not covered under the ESI Act. Management had to pay compensation. Age and experience of the victim were taken into account to arrive at Rs 1,87,000 which was the amount to be payable to the wife of the deceased. To this was added Rs 2,50,000 at the intervention of the union leaders. In addition, the widow was paid a gratuity and a monthly pension of Rs 4,300. And nobody’s wages were cut for the days not worked. Murthy’s death witnessed an unusual behavior on the part of the workers and their leaders, and magnanimous gesture from the management. It is a pride moment in the life of the factory. Question: 1. Do you think that the Bangalore-based company had practised participative management? 2. If your answer is yes, with what method of participation (you have read in this chapter) do you relate the above case? 3. If you were the union leader, would your behaviour have been different? If yes, what would it be?

Communication Effective Interpersonal Communication

Interpersonal communications The work of the health care professional is improved by effective interpersonal communication. Through this 800 word essay I aim to evaluate, explain and analyse effective interpersonal communication in the health care profession, how it can be improved and the positives of communication on a personal level. Communication is used as a way of interaction, passing information or even influencing other s thoughts and feelings into communication and prompting feeding back with verbal and non verbal communication between people. We interact with people on a daily basis in ways we may not be conscious of. We communicate in ways we are sometimes not even aware of, this could be with body language, body language is our emotional state and should not be shown in a negative way as this could be misinterpreted, hand or sign language, personal contact, facial jesters and in writing. Only 7% of communication is verbal. Most communication cannot be reversed this means it involves ethical choices, we must think of what we say, or jesters we do and its impact on others. In class we discussed how a thumbs up means ‘I am good’ or ‘I am O.K’. However in other cultures its translation means death. Something as simple as a thumbs up jester could be a huge insult and impact on how you would rebuild the trust and respect to continue communication with the patient. Communication in the health care setting must be very diverse and open to change with the possibilityShow MoreRelatedEffectiveness Of Effective Interpersonal Communication1037 Words   |  5 Pagesuse of effective interpersonal communication is the numer one compliance tool and resource for law enforcement officers. 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(2010), stated that interpersonal communication is, â€Å"The process through which people create and manage their relationships, exercising mutual responsibility in creating meaning.† (p. 5). To be an effective communicator, it is vital that the person possesses and practices effective interpersonal skills. Over this semester, important interpersonal skills have been developed through a series of six workshops and assessed in two pieces of assessmentRead MoreInterpersonal Communication Is An Effective Communicator1574 Words   |  7 PagesVerderber, K, Verderber, R and Berryman-Fink, C. 2010, stated that interpersonal communication is, â€Å"The process through which people create and manage their relati onships, exercising mutual responsibility in creating meaning.† (Pg. 5) To be an effective communicator, it is vital that the person possesses and practices effective interpersonal/communicational skills. Over this semester, important interpersonal skills have been developed through a series of six workshops and assessed in two piecesRead MoreEffective Communication And Interpersonal Skills942 Words   |  4 Pagesability to influence others, through effective communication and interpersonal skills† (American Sentinel University). Commonly, directors and senior nurse managers are confined to a different schedule than bedside nurses; working outside of clinical practice and patient interaction and focusing primarily on addressing organizational issues, increasing morale and productivity among staff all while increasing the quality of patient care. Effective communication and the ability to influence is realisticallyRead MoreEffective Interpersonal Relations : Effective Communication1908 Words   |  8 PagesEffective Interpersonal Relations Interaction with people in the workplace can be challenging and frustrating. Technology has changed the way we communicate with one another; for instance, email is a preferred method of communication compared to an in person meeting. This way of communication can create problems and tension among employees. One’s perception of the message becomes reality, causing lack of communication and for the message to be lost in translation. It is crucial to develop listeningRead MoreThe Importance Of Effective Interpersonal Communication Skills1264 Words   |  6 PagesInterpersonal communication is a fundamental skill that nurses use every day to interact and communicate. These skills include clinical empathy towards patients, diverse cultural understanding, non-verbal communication and skills used to communicate with deaf patients. This paper will discuss why it is important for nurses to use effective interpersonal communication skills and tips to overcome elderspeak to help minimiz e patient complains within the healthcare practice. To create a healthy nurse