Sunday, November 24, 2019

Optimum Dividend Policy The WritePass Journal

Optimum Dividend Policy INTRODUCTION Optimum Dividend Policy INTRODUCTIONTESCO PLCAPPLE INCORPORATIONDIVIDEND AND DIVIDEND POLICYTHEORIES OF DIVIDEND POLICYDIVIDEND IRRELEVANCE THEORYDIVIDEND RELEVANCE THEORYRESIDUAL THEORYZERO DIVIDEND POLICYCONCLUSIONREFERENCERelated INTRODUCTION It is becoming increasingly difficult to ignore the significance of dividend policy, considering the fact that payment of dividend reduces earnings available for investment and increase external financing for investment purpose. Most households, investors and pensioners rely heavily on the dividends from their investments to make ends meet. A lot of theories have emerged regarding the dividend decisions made by companies. While some are of the opinion that the choice of dividend is irrelevant to the value of shareholder wealth, provided all retained earnings are invested in projects that give a positive net present value, others held the view that the capital structure decision is relevant as the cost of loan capital is cheaper than that of equity and as such advocates external source of financing as oppose to the use of dividends. This report will therefore examine some of the theories on dividend policies using five year dividend policy of Tesco Plc and Apple Incorporation. TESCO PLC Tesco is a retail store whose head office is in United Kingdom.   It has an unrivalled FTSE 100 record of increasing dividend for the 26th consecutive year. Its major shareholders as at July 2010 are Blackrock Inc which owns 5.24%, Legal general Investment Management Limited which owns 3.71% of the issued share capital of the company, Berkshire Hathaway Inc, 3.02% (Annual report, 2010, pp. 1-3 45). Tesco Plc final dividend payout extracted from the annual reports between 2006 to 2010 is: YEAR:  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  2006  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   2007  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   2008  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   2009  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   2010 DIVIDEND (pence):  Ã‚  Ã‚  Ã‚   6.10  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   6.83  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   7.70  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   8.39  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   9.16 APPLE INCORPORATION Apple is an American multinational corporation incorporated in 1977 which manufactures computers, computer accessories and mobile phones. In 1980, the company went public, selling 4.6 million shares at a price of $22 per share and closing at $29. (CNET news, 1997). The company does not pay dividends despite its continuous increase in shares arising from the success in new products lunch. Below gives an overview of Apple dividend history. Year  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   2009  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   2008  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   2007   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   2006  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚      2005 Dividends  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  $0  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   $0  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚   $0     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   $0  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   $0 Price  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   $170.31   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   $110.99   $198.08  Ã‚  Ã‚  Ã‚   $84.84  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚   $0 Estimated EPS (year)   $5.84, Estimated EPS (quarter)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   $1.38 Estimated EPS Growth 18.58%, Payout Ratio  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   0.00%. DIVIDEND AND DIVIDEND POLICY Dividend is a cash payment made to shareholders on a quarterly or twice in a year basis based on the amount of shares held and dependent upon the dividend policy adopted by the company.   It is normally paid to every shareholder at the record date and can be either in cash or reinvested into the business to generate capital gains (Atrill and McLaney, 2008, pp. 138-139). They are paid out of profit after deducting interest and tax liabilities and the Company Act 1985 makes it mandatory for companies to pay dividend out of accumulated net realised profit, taking into consideration any accumulated loss according to Consultative Committee of Accountancy Bodies (Watson and Head, 2007, p.84). Dividend can be also in the form of bonus shares whereby instead of shareholders receiving cash as dividend, they receive additional share known as script dividend (Atrill, 2009, p. 365). Some companies like Google and Apple have a zero-dividend stock while others like Tesco Inc pays dividend. THEORIES OF DIVIDEND POLICY There is increasing pressure for companies to cut dividend in order to finance projects that gives a positive net present value using retained earnings which is a major source of finance for companies in the United Kingdom (Watson and Head, 2007, p. 285). Retained earnings are being used because there are no issue costs involve and are quick to raise (ACCA F9, 2010, p. 556). However, the decision of a company to use retained earnings to finance its investments will be dependent on the attitude of shareholders and capital market to a reduction in dividend, availability and cost of external sources of finance and amount of fund require relative to the available distributable profits (ACCA F9, 2010, p. 285). The following are some of the dividend policy theories that will be discussed in this report. DIVIDEND IRRELEVANCE THEORY This theory was pioneered by Modigliani and Miller in 1961. It argued that in a perfect capital market where there is the absence of transaction costs, taxation and market imperfections, shareholders are concerned with increase in wealth and will be indifference to whether the increase is a result of capital gain or dividend (ACCA F9, 2010, p. 556). To an investor, whether a firm pays dividend or not should make no difference to the value of the firm and it does not counts whether it is paid out as dividend or reinvested to yield a capital gain as dividend policy does not have any effect on share price (Chiang et al, 2006, pp.6413). This supports Human Resource Director of Aspire Plc   of one dividend policy being as good as another as it has no effect on share price. Thus a company can choose to pay any amount of dividend and use retained earnings to finance projects that have positive net present value and maintain that shareholders who invest in a financial geared business will want a return that is the same with the return they will get from investing in a similar business that is ungeared and that returns the shareholders require from borrowing will remain unchanged with increase in levels of borrowing (Atrill, 2009, p. 344). Their argument is founded on the assumption that having a good security for the loans will prevent lenders from seeking additional returns. Modigliani and Miller fail to realised that human nature being naturally selfish and the business environment being chaotic, complex and unpredictable will make lenders seek higher returns so as to safe guard against such risk as global recession. Investors suffered dividend cuts with investments worth billions reduced to nothing in the wake of the financial crisis which were not matched by a reciprocal austerity on the part of investment bankers (Jones, 2011). Shareholders will require higher return due to the risk, inflation and interest.   Moreover, their argument is founded on three assump tions of an ‘ideal business world’ devoid of share issue costs, market imperfections, transaction costs and taxation whereas in reality, these exist. A perfect market assumption of market prices not being influenced by a single seller or buyer (Hussainey et al, 2011, p.59) is unlikely to hold. The financial markets operate in a chaotic and unpredicted world and in reality, costs like agency, bankruptcy, and transaction costs are incurred when investors buy or sell their shares and tax will be charged as well as inflation (Abor and Bokpin, 2010, p. 180). Moreover, monopoly exists where a single seller can influence price. The ongoing war in Libya for instance has led to a large increase in fuel price all around the world (Barbajosa, 2011). However, the third assumption of no taxation will hold to a great extent giving that the United Kingdom no taxation rule on capital gains below  £9200 applies, whereas all dividends are tax charged (Atrill, 2009, p. 372). The tax pos ition of an investor to a great extent will determine whether they prefer a capital gain to dividend and vice versa and shareholders will invest in companies whose dividend policies are in line with their investment needs DIVIDEND RELEVANCE THEORY This theory propounded by Lintner (1956) and Gordon (1959) is founded on the assumption that a shareholder will prefer to receive a dividend payment which is certain as oppose to investing the same amount in an investment whose value is not certain corroborating the point made by Aspire Plc Director of Operations that a known dividend now is preferred by shareholders to an uncertain capital gain in the future. This is similar to the bird in the hand dividend theory which says that a bird (dividend) in hand is worth more than two (capital gains) in the bush. Giving that future cash flows are uncertain, an investor will prefer dividends to retained earnings (Hussainey, 2011, p. 59). It therefore maintained that dividends are preferred to capital gains as a result of shareholders being risk averse. Some of their arguments is founded on the assumptions that dividends are a signal to shareholders and investors about the prospects of a company. This arises as a result of the asymmetry of i nformation between shareholders and managers (Alnold, 2007, p. 429). Thus shareholders see dividend as a means of passing across information to them as to the well being of their investments. A rise in dividend to the shareholder is a sign that the company has good prospects and share price tends to rise while a cut in dividend signals a poor performance (Tse, 2005, p. 14). Share prices thus go up when there is increase in dividend and go down when there is a cut in dividend and market makes use of announcement of changes in dividend payments in assessing the value of a security (Tse, 2005, p.14 in Pettit (1972). A pitfall of this notion is that an increase in dividend may implies that the company is short of positive net present value projects to invest in or has weak investments opportunities and as a result dispense cash out as dividend to shareholders (Baker and Wurgler, 2004, p. 1128). Apple does not pay dividend partly because of a similar reason that dividend payments give a negative perception that the company has run out of investments opportunities and as such will not grow much more (Elmer-Dewitt, 2010). Alternatively, companies with zero dividend shares like Berkshire Hathaway face a dilemma as to how to convey information about current performance and future prospects of the company if dividends are a means of passing on such information to the shareholders. Although investors invest in companies for various reasons, while some rely on dividend as a source of regular income like the pensioner and institutional investors who rely on dividend payments to meet various obligations and needs to meet, others prefer capital gains. However, like the argument put forward by the Sales Director of Aspire Plc that dividend policy should be structured to suit the type of shareholders a company has and dividend paid according to their needs,   company dividend policy should be drafted base on the company’s clientele (shareholders) base and their needs or income requirements. Aspire Plc shareholders are majorly individuals, pension funds and insurance companies having total shares holdings of 66.7%, giving the obvious that the company’s majority clientele base is mainly shareholders who have liabilities to meet and would therefore prefer that dividend be paid as against having them invested for capital gains which a unit and investment fund company will have a preference for. Regardless of the fact that shareholders want dividends paid to meet obligations and income needs, they are also interested in the growth of the company. In dispensing cash as dividends to shareholders or reinvesting to yield a capital gain, a company should also consider shareholders tax preference. While some shareholders want dividends, they do not want the tax liability that comes with it. The United Kingdom tax law exempt capital gains below  £9200 whereas dividends are taxable. As a result, shareholders will want to delay dividend being paid to them to take advantage of this exemption. Similarly, if there is share appreciation, the tax benefits of deferring capital gains into the future may outweigh the cost of paying a higher tax rate on a relatively small dividend (Whitworth and Zhang, 2010, p.681). In an attempt to send a positive signal about future prospects of a company, company pays dividend despites its tax disadvantages. The cost of this signalling is that cash dividends are taxed higher than capital gains. While some investors would rather have capital gains to cut down on tax impact, others may prefer dividends beca use they prefer immediate cash in hand (Hussainey, 2011, p.60). RESIDUAL THEORY The theory which share a similar view with Modigliani and Miller’s except that it recognises issue costs but there is no taxation and market imperfections and argued that though dividend are important, the pattern is not. It further reiterates that a firm should pay dividend from cash remaining after investing in net positive value projects. The problem is how an investor knows that a company is investing in projects that will enhance the value of a company due to the asymmetry of information between management and investors or shareholders?. Payments of dividend is a means by which managers signal the true value of the firm and communicate insider information about the company to the shareholders (Tse, 2005, p.13). It brings about the issue of agency as an investor cannot tell that his or her dividend accrued to him or her has been reinvested in positive or negative net present value projects or used by the directors to pursue their own interest of empire building to the detr iment of investors. A typical example is Enron Corporation that has its managers claimed to have been reinvesting shareholders money and creating value through acquisition of over forty one companies, investments worth billions of dollars   and increase in share price from $57.10 to $90.56 within 1998 by cooking fraudulent accounting information which the shareholders relied on. Its pre-initial public offering shares went from $10 million to $372 million within a day. It was soon discovered that the managers indulged in creative accounting to hide losses worth about $35 billion and had overstated income by $586 million. The share price went from $90.56 to $8.40 and subsequently to 61 cents (Gini et al, 2009, pp.110-114). Shareholders of firms can thus avoid incurring agency costs by reducing the cash available to the shareholders through the demand for dividend to reduce excess free cash flow. (ACCA F9, 2010, pp. 375-376) and (Hussainey, 2011, p. 60). ZERO DIVIDEND POLICY Some companies adopted a zero dividend policy whereby they do not pay dividends to their shareholders rather plough the cash back into the business to generate future capital gains. Companies such as Berkshire Hathaway, Google, Apple, and Microsoft until recently do not pay dividends.   Apple do not pay dividend despite its holdings in cash and marketable securities which have grown from $24.5 billion to $46 billion. Its Chief executive Officer had said that the company has no plans of paying dividend in the near future. The company believes that cash hoard is a fast and easy means of financing investments projects such as acquisition, Research and Development in new products and put the company in less fewer risks by using retained earnings as opposed to external sources of finance to avoid exposing the entire company to risk (Ghosh, 2011). This may be due to the fact that the company’s major shareholders are co-founder Steve Jobs, who owns more than 5.5 million shares, App le engineer and vice president Sina Tamaddon with 290,000 shares, and retail chief Ron Johnson with 232,000 shares. Other shareholders are institutional and Mutual Fund Holders. However, as of April 2009, more than 71 percent of Apples stock was owned by institutions and mutual funds with the largest institutional stock holder being FMR LLC, with 39.2 million shares, followed by Barclays Global Investors with 37 million. The top mutual fund holder is The Growth Fund of America with 24.1 million shares. In July 2009, the companys stock was trading at $142.40 per share (Desjardins, 2011). This goes to show that 71% of its shareholders are mutual fund trusts who do not have immediate pressing needs to meet and would therefore prefer a capital gain to dividend, hence the use of retained earnings by Apple to finance its business. Also, giving the nature of Apple’s business, the company needs to invest in research and development which most times takes years for a breakthrough to m anifest. Apple would have also chosen not to pay dividend due to failure of who had almost $60-billion of cash on the balance sheet, from which they used about $32-billion to make a special one-time dividend in 2004. Microsoft’s share chart showns that its share price has gone nowhere in ten years. Not even a number of stock buybacks have helped push up the stock price. Also, Cisco Systems announcement to start paying a dividend had its shares plunged from almost $70 in 2000 to just above $20 no, while Apple shares have skyrocketed from $7 per share in 2003 to more than $333 currently (Ghosh, 2011). CONCLUSION REFERENCE ABOR, J AND BOKPIN, G,A. 2010. Investment opportunities, corporate finance, and dividend payout policy: Evidence from emerging markets. Studies in economics and Finance, 27 (3), pp.180-195). ATRILL, P AND MCLANEY, E. 2008. Accounting   and Finance for Non-Specialists. 6th edn. England: Pearson Education. ATRILL, P. 2009. Financial Management for Decision Makers. 5th edn. England:   Pearson Education. Apple, Inc. (AAPN) Dividend Summary [WWW] (dividendinformation.com/AAPL_dividends (May 2011). ALNOLD, G. 2007. Corporate Financial Management. England: Pearson Education Limited. ACCA, F9. 2010. Financial Management: Complete text-December 2010. Berkshire: Kaplan Publishing UK. Barbajosa, A. 2011. Analysis: U.S. leverage to crimp Iranian oil exports fades. [WWW] reuters.com/article/2011/05/04/businesspro-us-iran-oil-leveage- (May 2 2011). BAKER, M   AND WURGLER, J. 2004. A catering theory of dividend. The Journal of Finance, LIX (3), pp. 1125-1166. CHIANG,K, FRANKFURTER,G.M, KOSEDAG, A, AND WOOD JR,B,G. 2006. The perception of dividends by professional investors. Manageria Finance [Online Journal], 32 (1), pp. 60-81. Available from Emerald at emeraldinsight.com/search.htm?st1=The+perception+of+dividends+by++professional+investorsct=allec=1bf=1go=Go (April 22 2011). COLLINS, D. 2006. Enron: the good, the bad and the really ugly. In: GINI, A and MARCOUK, A.M. Case studies in business ethics. 6th.Edn. London: Pearson prentice Hall, pp. 104-115. (CNET news, 1997). http://news.cnet.com/2009-1001-201295.html DESJARDINS, D. 2011. Who Owns the Apple Computer Company? [WWW] ehow.com/about_5143792_owns-apple-computer-company.html (April 25 2011). ELMER-DEWITT, P. 2010. Why Steve Jobs doesnt Pay Dividends. [WWW] http://tech.fortune.cnn.com/2010/08/13/why-steve-jobs-doesnt-pay-dividends/ (April 12 2011). GHOSH, P. 2011. Why doesn’t Apple pay a dividend? [WWW] ibtimes.com/articles/98718/20110107/why-doesn-t-apple-pay-a-dividend.htm (April 12 2011). HUSSAINEY, K, MGBAME,C. O AND MGBAME, A.M. 2011. Dividend policy and share price volatility: UK evidence. The Journal of Risk Finance [Online Journal], 12 (1), pp. 57-68. Available from Emerald at emeraldinsight.com/search.htm?st1=Dividend+policy+and+share+price+volatility%3A+UK+evidencect=allec=1bf=1go=Go (April 15 2011). JONES, A. 2011.   Barclays must   Ã‚  Ã‚  Ã‚  Ã‚   Clear Mists for Investors [WWW] ft.com/cms/s/0/8bdc54f6-70f4-11e0-962a-00144feabdc0.html#axzz1Lnlyn0w7 (May 8 2011) TSE, C. 2005. Use dividends to signal or not: an examination of the UK payout patterns. Managerial Finance. 31 (4), pp. 12-33. Tesco Major shareholders tescoplc.com/plc/ir/financials/shareholders/ 9/5/11 TESCO. 2010. Annual Report. WATSON, D AND HEAD, A.   2007. Corporate Finance. 4th edn. England: Pearson Education Limited. WHITWORTH, J AND ZHANG,Y.2010. Accrued capital gains and ex-dividend day pricing. Managerial Finance Vol. 36 No. 8, 2010 pp. 680-702

Thursday, November 21, 2019

Patriot Act Essay Example | Topics and Well Written Essays - 2000 words

Patriot Act - Essay Example the freedom of speech and assembly (First Amendment); the freedom from unreasonable search and seizure (Fourth Amendment); the right to due process of law (Fifth Amendment); the right to a speedy, public and fair trial along with the right to counsel and to confront the accuser (Sixth Amendment), the freedom from cruel and unusual punishment (Eighth Amendment) and freedom from punishment without conviction (13th Amendment). According to the Justice Department, the PATRIOT Act gives support to and encourages enhanced sharing of information among various law enforcement agencies at the local, state and federal levels. In addition, this law assists law enforcement in their efforts to â€Å"connect the dots† from a wider scope of agencies when assembling evidence so as to â€Å"develop a complete picture† regarding possible threats from terrorists (Ward, 2002). The PATRIOT Act gives law enforcement more latitude when attempting to intercept transmissions of ‘suspected terrorist’s’ discussions via electronic surveillance. Agents of the government can now secretly tap into any citizen’s phone calls or internet communications including all visited web sites (Rackow, 2002). If directed by the Justice Department, police officers can enter people’s homes without benefit of a warrant and even seize their belongings and not ever have to inform the homeowner of the se arch. Individuals as well as religious and political organizations can legally be spied on by law enforcement agencies whether or not those agencies can produce any evidence a crime has or is planning to be committed. In addition, citizens are denied their Fifth Amendment right of due process by the Act. They can be forcibly detained and refused access to an attorney with no evidence being supplied by which to justify this previously illegal action. Critics of the Act suggest that is in contradiction to the tenants of the First Amendment. As an example, a citizen can be identified and treated as

Wednesday, November 20, 2019

An Overview of Paul's View of the Law as Shown Primarily in His Research Paper

An Overview of Paul's View of the Law as Shown Primarily in His Letters to the Galatians and the Romans - Research Paper Example Permitting law to be above everyone only makes one a slave. According to Paul, salvation cannot be based on one’s ability to keep the law since no one is perfect which could mean all are cursed. The law is supposed to guide but not to enslave or condemn. Pauls warns gentiles that they are accountable and will still face judgement since it is possible to be disobedient even in absence of the laws. He ascertains that the laws will also judge those who commit offences by the laws. The main theme Paul wants to clarify is that salvation from sin is through faith as opposed to the Jewish believes that it was on basis on strict observation of law. 9 Bibliography 10 Paul’s View of the Law as in his Letters to the Galatians and the Romans Introduction The term law has several definitions and denotes a number of things. It is used in reference to norms that guide the conduct of people. It is also a scheme of regulations and guidelines that govern the behaviour of people. Law can also be a description of as set of practices that binds a group of people. Paul’s view on the law and jurisdiction occupies a fundamental position as far as comprehending Pauline’s theology is concerned. ... A reason for this contradictory approach could be that Paul was trying to show the negative features of the law. He was thus cautioning the Galatians against considering observance of law as the only requirement for salvation. Paul mainly uses the term law in reference to Mosaic Law though he at times displays Abrahamic covenant as a form of guidelines that should direct Christians who are not bound to slavery by Judaism. In his letters to both Galatians and Romans, Paul clarifies that circumcision, which was a cherished Jewish tradition is not constituent of gospel of Christ. He asserts that salvation is by Gods grace and not out of our efforts, thus it is for all but not Jews alone as Judaism proposed. This paper focuses on Paul’s outlook on the law as portrayed by his letters to the Galatians and the Romans. Law in the Early Church When Paul wrote these letters, Christianity was novel and foreign to the Jewish civilization that insisted on strict observance of the law. He w rote the letters to address the different churches facing different conditions. To understand Paul’s utterances about law, it is important to have an understanding of the viewpoint of the people he was addressing in his letter. Pauline epistles were written to a society that revered Judaism, which demanded austere compliance to Jewish laws. Such laws include bodily male circumcision as a compulsory requirement for salvation. Those who did not abide were considered gentiles and unrighteous.1 Paul’s efforts to dismantle some of their customs received opposition to an extent that some went following him from church to church to revise his teaching2. Within the same Church were Pharisees who believed

Sunday, November 17, 2019

Intercultural communication Essay Example | Topics and Well Written Essays - 250 words - 1

Intercultural communication - Essay Example It is way better than gestures some of which may be unacceptable in the patient’s culture. The use of pictorials involves provision of empty charts and marker pens, or a board where the patient is to describe his ailment or symptoms using pictures such as that of the stomach of head among others (Behar, et al. 201, pp. 476). The nurse will then point to various parts of the body to ask the questions and verify the symptoms. This will take longer as well. When the patients are unable to communicate effectively with the nurses or doctors, it means that diagnosis will be unable to be completed or will have numerous errors which may lead to more health problems with the patient. There are also other traditions which put restrictions on the type of healthcare worker they can have attending to them or the type of medication they can be provided with which hinders the treatment process as well as making the treatment process take unnecessarily longer in order to address the challenges (Srivastava, 2007, pp. 103). Behar, S. et al. (2013, October). Use of an Emergency Medical Pictorial Communication Book During Simulated Disaster Conditions. Disaster Medicine and Public Health Preparedness, 7(5): 475-480. DOI:

Friday, November 15, 2019

Factors on Stock Market Development in SAARC Region

Factors on Stock Market Development in SAARC Region The Impact of Institutional and Macroeconomic Factors on Stock Market Development in SAARC region Fayaz Ahmed Soomro Problem Statement There are many researches concerned about the relationship between the Macroeconomic variables and the stock market performances[1]. Researchers have analyzed many different factors of Macroeconomic variables like GDP, Savings, Credit facilities, Shares traded, interest rates, remittances from abroad, trade deficit, consumer banking, production of industrial goods, liquidity and more macroeconomic factors having significant impact and are the major contributors in stock market development[2]. Researches also claim that there is one way relationship between stock market development and macroeconomic variables[3]. Researchers have also concentrated on the impact of quality of institutions on the development of equity market in developing countries specially[4]. However there is has been not much interested directed towards institutional quality having impact on stock market development in SAARC region. This research is focused on testing the theory and adding empirical evidence from in terms of impact of quality of institutions on the development of equity market. This research might help the respective countries of SAARC in understanding better the factors contributing in the development of stock market in the SAARC territory and May helps the policy makers to devise better and effective policies for the whole region. Objective To determine the impact of the quality of institutions with macroeconomic factors are having on the development of stock markets in SAARC region. Research Question What is the impact of quality of institutions with macroeconomic factors on the performance of the stock markets? Literature Review Development of the Stock markets and the growth of the economy There has been found that stock market development and economic prosperity are highly correlated Levine and Zervos (1996). The study adopted positivist approach and correlational in nature and based on 41 countries in the period 1976- 1993, the quantitative method was adopted. It was deduced based on the hypothesis taking sample population of 41 countries in the period 1976- 1993 that there exist a high correlation among stock market and growth of economy. Unidirectional effect of Macroeconomic Variables Macroeconomic factors affects the stock prices in the unidirectional way that is stock prices does not affects the Macroeconomic variables to change Hussain and Mehmood (2001). The approach adopted is quantitative in nature and falls in the domain of positivist research paradigm. The deduction was based on sample population of Pakistan by considering the period of 1959-60 to 1998-99. Stock Market and Economic Prosperity Evidence from India Economic prosperity is highly related with the stock market performance in the economy Deb and Mukherjee (2008). He analysed by the quantitative research methods and hence within positivism research paradigm that in India economic prosperity leads to the better stock market performances. He deduced that there is a relationship between economic prosperity and the stock market development in India by taking sample population of India from the period of ten years. It was also found that there exists a bidirectional causal relation among the said variables. Development in the Stock Market of Pakistan Liquidity and the prices of the stocks do not have any relation in any direction Ali et al. (2010). This research falls into the Post Positivism research paradigm because it is refuting the generalization made in the literature that money supply and stocks prices have no relation at all in any direction. This was tested by using Granger-causality test, Augmented Dickey Fuller, Unit Root Test and the test of co-integration (Johansen) have been applied. He also found that there is no causality effect among the liquidity and stock prices, industrial production , exchange proportion, rising prices, balance of trade and prices of the shares in Pakistan. Foreign Direct Investment is highly related to stock market development Raza et al. (2012) this research adopted quantitative and hence followed the positivism research paradigm that is, it tested the theory in consistent with the literature. The factors like savings, rising prices and money exchange rates were also considered and were found significant. Savings were in line with stock market however inflation and money exchange rate were found to have a negative impact. The research found that 70 percent of the increase in development of stock market is caused by the one percent change in FDI inflow. This is a huge impact so the government of Pakistan should be looking forward to protect the foreign investors and facilitate them as much as possible. There should be framework under which the foreign investors can take the easily their part and keep on investing in order to promote the stock market activities in the region. Stock Market development in Bangladesh The stock market of the Bangladesh is not mature yet and it’s not up to the standards of international markets, however this research identified many factors affecting the stock market development in Bangladesh Rrahman and Rahaman (2011). The research adopted quantitative and followed Positivist approach. Data was collected from the period 2001 to 2008 and was collected from various reliable sources of Bangladesh. Many different statistical techniques were used like descriptive analyses, correlation analyses were applied. All the variables were found to have significant impact. It was also suggested that Bangladesh stock market is highly volatile and there has much to improve in order to make it up to international standards. Stock Markets and the Institutional Quality Insitutional quality plays important role in the development of various sectors of the economy. Its implication has been tested and proved significant in the non banking financial sector in the Middle East and African regions Creane et al. (2004). The proxies that were used are Banking Industry, Money Supply, yearly monetary and fiscal policies, industrial regulations, financial corruption and the quality of institutions. Recommendation made in this report is about to increase the quality of institutions. Yartey (2008) Institutional factors including the political stablity, quality in bureaucracy, stability of democracy, corruptions, general regulations and laws with other macro economic factors were found to have a significant effect on the stock market activities because it usually increases financial facility to the general public and they tend to invest in the equity market. The data was collected from the period 1990 until 2004 that is total 14 years of 42 emerging economies. The data was analyzed through regression analysis. However risk in the political stability was suggested a major contributing in the stock exchange market enhancement. In other Burhop et al. (2011) tried to find the regulatory body as the important components of the stock exchange market. In his studies he considered London equity market and the stock market of berlin and quantified as in the form of IPO- initial Public Offerings. However he could not conclude whether regulatory body plays an important role in the stock market activities but he found that long term profits and survival in the competition as the important factor in the successful market. Research Methodology Epistemology This research tries to identify the Institutional factors and other macroeconomic factors that lead to the development of stock market, this knowledge already exist and justified in the region of Middle East in the International Monetary Fund’s working paper of Billmeier and Massa (2007). Nature of Knowledge This research tries to test already existing knowledge in the literature Billmeier and Massa (2007) which was specifically applied in the regions of Middle East and Central Asia. The theory has been tested quantitatively that exist in literature and adopted Positivism approach. This research adds the empirical proof from the SAARC region. Methodology- Positivism This research is also quantitative in nature and follows the positivism approach because it’s in consistent with the existing literature and follows the systematic scientific approach to find its applicability in the SAARC region. The gap in the empirical evidence was identified and in order to fill the gap same propositions were developed but in different context of its application Validity The method, approach, statistical technique and the measurement of the variables are in consistent with the International Monetary Fund’s working paper. That means theory already exist but it has been applied in the different context that is in SAARC region. Institutional quality has been measured as a index of Economic freedom by Heritage Index of Economic Freedom and other macroeconomic variables has been measured and reported by the World Bank and the data has been collected from their published reports. The detailed measurement is as follows Market Capitalization: This is has been measured as total value of the shares outstanding in the stock markets which is the total sum of shares prices multiplied by the no of outstanding securities. For this research it has been taken as the percentage of GDP. IQ: Institutional Quality: Institutions are the formal governing bodies in any country which look after the overall governing structure of the economy. These institutions guide the economy about political activities, social activities and the economic activities. Quality of institutions is enhanced with efficient and effective working of institutions. Quality is measured by Heritage Foundation as score from 0 to 100, the lowest value being the poorest form of quality and higher the score the higher the quality. INC: Income: It is represented as the total value of production within the country and has been measured at constant base of year 2000 US $ in Billions. INV: Investment: It is represented by the addition in the aggregate value of fixed assets with any inventories. This has been taken in this research as capital formation percentage of the GDP SVT: Stock value traded: It is represented by the shares total value in the specific period. This has been also taken as percentage traded over GDP DC: Domestic credit: It is represented by the total value of lending to the customers in the private sectors. This has also been taken as percentage of GDP. Reliability This theory has been applied in the region of SAARC region from the period 1996 to 2012. It is suggested the this theory will produce more or less the same results if carried out in the different period of time in the SAARC region Generalizability This same theory was applied and proved in the region of Middle East. This research also proved and produced the same results in the SAARC region hence It can be concluded that this theory is applicable to the regions with similar conditions of economy like in Middle East and Central Asia. Synthetic a posteriori proposition The proposition in this research says that Institutional Quality and macroeconomic factors have significant and positive impact on the stock market development in the SAARC region. This proposition is a synthetic a posteriori and subject to empirical verification from the above region. Deduction Reasoning General statements 1: Quality of institutions affects significantly on the development of stock market. 2: GDP affects significantly on the development of stock market. 3: Domestic credit affects significantly on the development of stock market. 4: Stock traded value affects significantly on the development of stock market. 5: Gross capital formation affects significantly on the development of stock market. Hypotheses Ho1: Quality of the institutions affects insignificantly on the development of stock market. Ha1: Quality of the institutions affects significantly on the development of stock market. Ho2: GDP affects significantly on the development of stock market. Ha2: GDP affects insignificantly on the development of stock market. Ho3: Domestic credit affects significantly on the development of stock market. Ha3: Domestic credit affects significantly on the development of stock market. Ho4: Stock traded value affects significantly on the development of stock market. Ha4: Stock traded value affects significantly on the development of stock market. Ho4: Gross capital formation affects significantly on the development of stock market. Ha4: Gross capital formation affects significantly on the development of stock market. Conclusion 1: Institutional quality does impact significantly on the development of stock market 2: GDP does impact significantly on the development of stock market 3: Domestic credit does impact significantly on the development of stock market 4: Stock traded value does impact significantly on the development of stock market 5: Gross capital formation does impact significantly on the development of stock market Falsification As this research is in consistent with the existing theory and has been only tested without amendments hence it is not refuting any theory of knowledge but adds empirical evidence in the literature from untested region that is South Asian Association of Regional Cooperation (SAARC) countries. Data Collection and Source In this research secondary data has been used. Data of institutional quality collected from the Index of Economic Freedom of Heritage Foundation. Data of macroeconomic variables collected from the World Bank. Target Population The research focuses on the regions of SAARC economies in particular countries Pakistan, Bangladesh, India, Nepal and Srilanka. Sample Size The dataset of 5 economies has been considered. The year 1995 to 2010 that is for 15 years of 5 countries of the SAARC region making it a total observations of 75 has been taken as the sample size. Statistical Technique The sample data of dependent variable and independent variables will be analyzed by ordinary least square method of multiple regression analyses technique. Research Model MCP = ÃŽ ± + ÃŽ ²1 IQ + ÃŽ ²2 INC + ÃŽ ²3 INV + ÃŽ ²4 SVT + ÃŽ ²5 DC + e Where MCP:Market Capitalization IQ: Institutional Quality INC: Income INV: Investment SVT: Stock value traded DC: Domestic credit 1 [1] Deb and Mukherjee (2008) Mustafa and Cagatay (2012) [2] Ali et al (2010), Raza et al (2012) [3] Hussain and Mehmood (2001) [4] Billmeier and Massa (2007), Lombardo and Pagano (2000), Yartey (2008), Burhop et al (2011)

Tuesday, November 12, 2019

President Franklin D. Roosevelts New Deal Essay examples -- Franklin

On October 24, 1929, a day historically known as â€Å"Black Thursday†, the United States stock market crashed due to investors in the market starting to â€Å"sell off their shares, which resulted in a decline in stock prices.† (Dau-Schmidt, pg 60) This economic downturn in the market gave birth to financial ambivalence in the country, increasing unemployment, as well as other consequences on the landscape of international economics. When President Franklin D. Roosevelt took over as president in the year of 1933, â€Å"The country was in its depth of the Great Depression.† (Neal, 2010) Roosevelt’s New Deal consisted of implementing relief programs such as the Work Progress Administration and the Civil Works Administration, which aimed at revitalizing the U.S. labor market. However, these programs were short-lived due to insufficient funding. Although these programs were effective, their short life span only sought temporary remedy. The on again off again pattern of these programs existence caused a cyclical trend in the increase and decrease of unemployment. â€Å"John M. Keynes born on June 5, 1883 was one of the most influential economists of the Twentieth Century.† (Pettinger, pg 1) Keynes argued that the doctrine of the New Deal was a slow remedial procedure to restoring the economy. Although, Roosevelt’s efforts helped reduce unemployment in spurts, it was ultimately an ineffective plan because according to Keynes, to restore the economy during the Great Depression, there had to of been deep government spending and increased high taxes. When President Roosevelt took office, he had to fulfill his ideas he had proposed to the citizens while campaigning for presidency. One of his ideas and that he fulfilled, was the Works Progress Administrati... ...n Kantor. "The Dynamics Of Relief Spending And The Private Urban Labor Market During The New Deal." Journal Of Economic History 70.1 (2010): 195-220. Academic Search Complete. Web. 7 Mar. 2013. Powell, Jim. "The Unemployment President." Cato Institute. The Washington Times N.p., 4 Aug. 2010. Web. 17 Mar. 2013. Pettinger, Tejvan. "Biography of John M Keynes", Oxford, www.biographyonline.net 3 Feb. 2013 Rauchway, Eric. "Learning From the New Deal's Mistakes." The American Prospect. The American Prospect, 19 Dec. 2008. Web. 02 Apr. 2013 Winkler, Allan M. "The New Deal: Accomplishments and Failures." Speech. Testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs. Oxford,Ohio. 31 Mar. 2009. Web. 2 Apr. 2013. Winkler, Allan M., and Robert M. Collins. Keynesian Economics. The Web Chronology Project, n.d. Web. 04 Apr. 2013.

Sunday, November 10, 2019

Integrated Life Science Study Guide

Integrated Life Science Study Guide Test #1/Chapters 1,3,4,19 1. The scientific method- A continuous process use to collect observationsk form amd test hypotheses, make predictions, and identify patterns in the physical world. pg 4 2. Biodiversity- the number of different species that coexist at a given place pg. 8 3. Dimitri Mendelev- Russian Chemist; created the Period Table of the Elements; 1st 1800s to arrange elements in such a way that the showed something about it properties. Elements made of atoms-Iron, Helium, Hydrogen pg. 10 4. Creationism or creation science is the belief of the Judeo-Christians (Bible); Genesis; 2000+ yrs. The Earth is between 5-7000 yrs old. It’s the belief that it was created in 7 days. Science of Creation (most scientists believe) believes the universe is approx. 15 Billion yrs old. Earth-is about 4. 5 billio9n yrs old. No beginning and no end to this universe. 5. Stem cells- embryonic cells that can become any cell in a living organism. Source; ambilical cord Adult stem cell-restricting-almost useless to work with; medical science impeded by someones belief system 6. Work- force exerted over a distance Power- work divided by time; how fast you do work.. Power =work/time Energy= the ability to do work; we get energy from food; converts to calorie-> glucose; cell->work; plants also use glucose to live 2 types of energy- Kinetic-energy of motion Potential- stored (fat) Force-a push or pull from kinectic energy; gravity energy-> glucose 7. Trophic levels a. Omnivores-eat both plants and animals b. Carnivores-eat meat.. ex. Lions, tigers, c. Herbivores-eat plants, ex. Cows, horses d. Plants- glucose e. Decomposers-bacteria; worms, fungi, provide food to make soil rich 8. First Law of Thermodynamics- 1st law about energy f. All energy in the universe stays the same; it only changes form i. Glucose â€Å"sugar†-> energy cells-> carbon dioxide; ammonia 9. Calories-unit of energy measurement in food 1C=1000c Calorie-heat our body produces; energy inside the cell Calorimeter-measures calories in food 10. 2nd Law of Thermodynamics- g. Heat always flows cold ii. No such thing as cold- cold is the absence of heat h. No such thing as â€Å"Heat Engine† i. Overtime entropy increases iii. Entropy-a measure of disorder; a way we can measure how miixed up something is. 1. Types of animal insulation- fur, feathers, fat, blubber, skin, shells, scales, and blood 12. Entropy-a measure of disorder; a way we can measure how miixed up something is. 13. The science of Aging and DNA j. Lifestyle k. Dna l. Genetics m. Biological clock is about 110 yrs old Chemicals that age you are alcohol, tobacco, recreational drugs 14. Ecosystem- a system that includes bot h living and non-living things in a particular area (people) n. Non-living- chemicals; food o. Living-cells 15. Homeostasis- health, dna, good health, balance 16. Acid rain- nitrogen, sulfur, ad carbon; coal + oil fired; electricity; generating plants; polluntants mix with rain; forms sulphuric acid; nitric acid; and carbonic acid- kills plants & trees; destroys auto paint, etc. 17. Photovoltaic cells- a device that converts sunlight (photons) into direct electric current Short Answer 1. Global Warming a. CONS-temperature increasing; flooding; sea level rising; quit burning fossil fuels b. PROS- 2. temp increasing during growing season which is what’s necessary 3. Ozone layer is 20 miles or more up. It protects us from UVA and UVB rays. It’s getting thinner because of pollutants Smog is a layer created from automobiles and factories- near the earth-harmful 4. Landfills are considered â€Å"biological recyclers† because 5. The 6 characteristics shared by all ecosystems are pg. 391 c. Every ecosystem consists of both living and nonliving parts d. Energy flows through ecosystems e. Matter is recycled by Ecosystems f. Every organism occupies an Ecological Niche g. Stable Ecosystems achieve a balance among their populations h. Ecosystems are not permanent, but change over time 6. Four dimensions as described in the Second Law of Themodynamics pg. 88 i. East or west j. North or south k. Up or down l. Time 7. Creationists believe that evolution does violate this law because life is highly ordered, it could not have arisen spontaneously without violating the 2nd law. Scientists disagree and believe that all you need to make the evolution of life consistent with the 2nd law is that the order observed in living things must be offset by a greater amount of disorder in the sun. pg. 88 8. 3 ways that heat is transferred is through conduction, convection, and radiation. Example of: pg. 6 Conduction- Convection-air rising above a radiator or toaster; motion of the Earth’s Radiation-a fire or electric heater 9. Celery makes you lose more calories than you gain because it goes back to the principal that if we take in less energy than we expend, energy must be removed from storage to meet the defecit and the amt of body fat decreases. 10. Our food in the USA is che aper and much richer than most other countries. We tend to eat in larger portions than we should. Biologically, we clone our foods and inject them with hormones and chemicals to keep the supply steady and to keep costs low. 1. 5 Questions to ask when confronted with other kinds of psuedosciences are: pg. 12 m. Are the â€Å"facts† true as stated? n. Is there an alternative explanation? o. Is the claim falsifiable? p. Have the claims been rigorously tested? q. Do the claims require unreasonable changes in accepted ideas? 12. Peer review is a system by which the editor of a scientific journal submits manuscripts considered for publication to a panel of knowledgeable scientis wh, in conidence, evaluate the manuscript for mistakes, misstatements, or shoddy procedures. Following the review, if the manuscript is to be published, it is returned to the author with a list of modiciations and corrections to be completed. pg. a34 13. Arrow of Time is The uniform and unique direction associated with the apparent inevitable flow of time into the future. Pg 88 14. The 3 major polluntants that make up urban pollution are nitrogen oxides, sulfur compounds, and hydrocarbons. Pg. 399

Friday, November 8, 2019

10 High Paying Jobs Where You Can Help People

10 High Paying Jobs Where You Can Help People Want to help people, but still afford the life you want? It doesn’t have to be all or nothing. It is possible to wake up in the morning, go to work knowing you believe in what you do, and make a livable wage. Here are 10  options that allow you to help people, make a difference in the world, and also make good money.1. Nonprofit Executive DirectorYou’ll have to work your way up from a lower rung (unless you have qualifications and skills from another sector that can transition to this executive role), but it can be worth the work. It’s hard to keep a company running with nothing but grants and donations, but the rewards are high. Median annual pay: over $55k.2. Registered Occupational TherapistYou’ll need an M.A. and to pass a licensing exam, but then your job will consist with helping people recover from injuries, which can be incredibly gratifying. Median annual pay: nearly $70k.3. Development DirectorAgain, look toward the non-profit sector. On your w ay to the executive rung, you could be in charge of securing the funds that keep your nonprofit running. You’ll need a B.A. and some background or passion for the relevant field, plus management skills. Median annual pay: $59k.4. Foundation Program OfficerYou’ll need a B.A., but it can be very meaningful to help decide which proposals or programs get funds from a foundation. If you have good decision-making skills and a desire to make a difference, this could be great for you. Median annual pay: nearly $59k.5. Clinical Lab ScientistYou’ll need a Bachelor’s degree, plus licensing, and sometimes even graduate work. But after your initial work, you will be part of a team  helping doctors to identify cancerous cells or the root of diseases or infections. Median annual pay: over $76k.6. Grants ManagerHelp bring in money for a foundation or nonprofit. Choose the best grants to go after, make the proposals, and then make sure your organization complies with th e requirements. A B.A. is likely required. Median annual pay: nearly $53k.7. Registered NurseRegistered nurses need academic certification, which differs by program, and licensure, but they make some of the most meaningful difference in patients’ lives. Median annual pay: $57.5k8. Intelligence AnalystYou’ll definitely need a Bachelor’s degree, and possibly even foreign language experience, but this is absolutely an amazing job. Work to make the world safer! Median annual pay: nearly $73k.9. Education AdministratorIf you don’t  want to teach, but have great ideas and want to further the field of education, this is a gig to consider. Median annual pay: nearly $76k.10. Health Services ManagerDon’t want to be a doctor, but want to further health and the medical profession and really help people when they need it most? This could be a great opportunity for you. Median annual pay: $70.5k

Wednesday, November 6, 2019

Sources of Titles Drawn from Shakespeare

Sources of Titles Drawn from Shakespeare Sources of Titles Drawn from Shakespeare Sources of Titles Drawn from Shakespeare By Maeve Maddox Today is April 23. HAPPY BIRTHDAY, SHAKESPEARE! Here are the sources of the titles given in yesterdays post. 1. The Moon Is Down, John Steinbeck BANQUO: How goes the night, boy? FLEANCE: The moon is down. I have not heard the clock. Macbeth, II.i The remark adds to a sense of evil foreboding; Macbeth is on his way to murder Duncan. 2. Gaudy Night, Dorothy Sayers ANTONY: †¦Come, Lets have one other gaudy night: call to me All my sad captains; fill our bowls once more; Lets mock the midnight bell. Antony and Cleopatra, III.xiii Antony is speaking to Cleopatra. Their end is nigh, but theyre going to party. 3. Under the Greenwood Tree, Thomas Hardy AMIENS: Under the greenwood tree Who loves to lie with me, And turn his merry note Unto the sweet birds throat, Come hither, come hither, come hither: Here shall he see No enemy But winter and rough weather. As You Like It, II.v Jaques and the other forest dwellers listen to Amiens sing about their idyllic life. 4. And Be a Villain, Rex Stout HAMLET: O villain, villain, smiling, damnà ¨d villain! My tablesmeet it is I set it down That one may smile, and smile, and be a villain At least I am sure it may be so in Denmark. Hamlet, I.v Hamlet is talking about his uncle/stepfather Claudius, the murderer of his father. 5. Something Wicked This Way Comes. Ray Bradbury SECOND WITCH: By the pricking of my thumbs, Something wicked this way comes. [Knocking] Open locks, Whoever knocks! [Enter Macbeth] Macbeth, IV, i This is the second scene with the witches. The first time, they accosted Macbeth. This time he is seeking them out. He has begun the downward path into evil. 6. Pale Fire, Vladimir Nabokov TIMON: The suns a thief, and with his great attraction Robs the vast sea: the moons an arrant thief And her pale fire she snatches from the sun. Timon of Athens IV, iii Misanthrope Timon is discoursing on his view that everyones a crook. Nabokovs story is about the creative fire of the poet. An echo of the pale fire from the Timon of Athens quotation is in a line spoken by the ghost of Hamlets father. Morning is approaching and he must return to Purgatory: GHOST: Fare thee well at once! The glow-worm shows the matin to be near, And gins to pale his uneffectual fire: Adieu, adieu! Hamlet, remember me. [Exit] Hamlet, I,v 7. Band of Brothers, Stephen Ambrose HENRY V: This story [of Agincourt] shall the good man teach his son; And Crispin Crispian shall neer go by, From this day to the ending of the world, But we in it shall be rememberd; We few, we happy few, we band of brothers Henry V, IV.iii Henry is giving his discouraged men a pep talk before a last desperate assault on the French. 8. The Dogs of War, Frederick Forsyth ANTONY: And Caesars spirit, ranging for revenge, With Ate by his side come hot from hell, Shall in these confines with a monarchs voice Cry Havoc, and let slip the dogs of war Julius Caesar, III.i Antony, speaking at Caesars funeral, desires to stir up the populace against the assassins. After describing the horrors of civil war, he depicts the ghost of Julius Caesar leading the attack. 9. There is a Tide, Agatha Christie CASSIUS: There is a tide in the affairs of men, Which, taken at the flood, leads on to fortune; Omitted, all the voyage of their life Is bound in shallows and in miseries. On such a full sea re we now afloat; And we must take the current when it serves, Or lose our ventures. Julius Caesar, IV, iii Cassius is trying to persuade Brutus that they must fight at Philippi. 10. By the Pricking of My Thumbs, Agatha Chrstie See Number 5 above. 11. Not in Our Stars, M. M. Marshall CASSIUS: The fault, dear Brutus, is not in our stars, But in ourselves, that we are underlings. Julius Caesar, I,ii Cassius is urging Brutus to act against Julius Caesar. 12. Chimes at Midnight, Terence White SHALLOW: Ha, cousin Silence, that thou hadst seen that that this knight and I have seen! Ha, Sir John, said I well? FALSTAFF: We have heard the chimes at midnight, Master Shallow. Henry IV part 2, III,ii Falstaff and Shallow, in the company of Silence, are reminiscing about their youth. Only rowdies and people up to no good would have stayed out late enough to hear the clock strike midnight. 13. The Mousetrap, Agatha Christie CLAUDIUS: Have you heard the argument? Is there no offence in t? HAMLET: No, no, they do but jest, poison in jest; no offence i the world. CLAUDIUS: What do you call the play? HAMLET: The Mouse-trap. Hamlet, III, ii Hamlet has hired actors to present a play with which he hopes to catch the conscience of the king. Uncomfortable as the play proceeds, Claudius asks Hamlet for more information. 14. Twice-Told Tales, Nathaniel Hawthorne LEWIS (Louis, Dauphin of France)†¨Ã¢â‚¬ ¨Ã‚  Theres nothing in this world can make me joy: †¨Ã‚  Ã‚  Ã‚  Ã‚   Life is as tedious as a twice-told tale †¨Ã‚  Ã‚  Ã‚  Ã‚   Vexing the dull ear of a drowsy man; †¨Ã‚  Ã‚  Ã‚  Ã‚   And bitter shame hath spoild the sweet worlds taste †¨Ã‚  Ã‚  Ã‚  Ã‚   That it yields nought but shame and bitterness. King John, III,iv Lewis is depressed because the fortunes of war have turned against France. His meaning is that a twice-told tale is boring and tedious. Hawthorne and other writers used twice-told tales in another sense: old stories retold for modern readers. 15. A Muse of Fire, A.D. Harvey PROLOGUE: O for a Muse of fire, that would ascend The brightest heaven of invention, A kingdom for a stage, princes to act And monarchs to behold the swelling scene! Then should the warlike Harry, like himself, Assume the port of Mars and at his heels, Leashd in like hounds, should famine, sword and fire Crouch for employment†¦ †¦can this cockpit hold The vasty fields of France? or may we cram Within this wooden O the very casques That did affright the air at Agincourt? Henry V, Prologue Kenneth Branagh opens his film version of the play with an actor declaiming these lines on an Elizabethan stage. Then the scene opens out into the vasty fields of France and the realistic action that movies excel in. Shakespeare had to do it all with words and a few stage props. 16. Strange Snow, Steve Metcalfe PHILOSTRATE [reading]: A tedious brief scene of young Pyramus and his love Thisbe; very tragical mirth. THESEUS: Merry and tragical! Tedious and brief! That is, hot ice and wondrous strange snow. How shall we find the concord of this discord? Midsummer Nights Dream, V, i Theseus is reacting to the comical, contradictory description of the play of Pyramus and Thisbe offered as wedding entertainment by Bottom the weaver and the other mechanicals. 17. Walk the Night, Robert C. Reinhart GHOST: I am thy fathers spirit, Doomd for a certain term to walk the night, And for the day confined to fast in fires, Till the foul crimes done in my days of nature Are burnt and purged away. Hamlet, I,v 18. A Plague on Both Your Houses. Robert. W. Whitaker MERCUTIO: I am hurt. A plague o both your houses! I am sped. Is he gone, and hath nothing? Romeo and Juliet, III, i Romeos friend Mercutio has been in a fight with Tybalt, a Capulet. Tybalt has escaped without a scratch, but Mercutio is fatally wounded. With his dying breath he curses the senseless hostility between the Montagues and the Capulets that has ended his life. 19. The Sound and the Fury, William Faulkner MACBETH: To-morrow, and to-morrow, and to-morrow, Creeps in this petty pace from day to day To the last syllable of recorded time, And all our yesterdays have lighted fools The way to dusty death. Out, out, brief candle! Lifes but a walking shadow, a poor player That struts and frets his hour upon the stage And then is heard no more: it is a tale Told by an idiot, full of sound and fury, Signifying nothing. Macbeth V,v Macbeth has come to the end of the road. Lady Macbeth is dead, and MacDuff is at the gates of Dunsinane Castle. All his scheming and criminal behavior amount to a pile of ashes. 20. Dagger of the Mind, Star Trek episode MACBETH: Is this a dagger which I see before me, The handle toward my hand? Come, let me clutch thee. I have thee not, and yet I see thee still. Art thou not, fatal vision*, sensible To feeling as to sight? or art thou but A dagger of the mind, a false creation, Proceeding from the heat-oppressed brain? Macbeth, II,i Macbeth is on his way to murder King Duncan. Hes hallucinating because of the guilt he feels. *Fatal Vision, true crime book by Joe McGiniss; Fatal Vision, TV miniseries starring Karl Malden Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Expressions category, check our popular posts, or choose a related post below:75 Synonyms for â€Å"Angry†What is the Difference Between Metaphor and Simile?May Have vs. Might Have

Sunday, November 3, 2019

Definition of Progressive and Examples of Progressive Thinking in Essay

Definition of Progressive and Examples of Progressive Thinking in Terms Of History - Essay Example According to Lawson (357), progressivists tried to expose corruption and injustice in the government and undercut political machines. They wanted the citizens to have a direct rule through the power of their vote as well as including women in the political voting arena. In education there was a need to move from rote learning into child-centered and experiment-based learning. Parker argued that it was pointless to acquire knowledge without understanding it. Reforms The progressive era is basically the period between1895-1925. It was marked by social activism and reforms. Examples of reforms during the progressive era include the initiation of direct primary elections by the legislature. This gave voters the right and freedom to choose primary candidates instead of limiting it to party officials. This was a tool of reducing the power of political machines and bosses. This was accomplished by the progressive movement under La Follette’s governance. At this time also state forest s were preserved, monopolies were broken up and railroad taxes doubled. The government started to defend small farmers and small business holders by intervening on their behalf. This was through trade control which ensured that there was competition and free enterprise. In 1911, the first national workers’ compensation program was instituted, cooperatives were encouraged, laws governing factory safety were passed and state income tax was established. The income tax was directed to high incomes alone. Limited labor hours for children and women were also instituted. These were achieved under the governance of Francis McGovern (Lawson 421) In 1913, ratification was done to the Seventeenth Amendment. The ratification required that all senators be directly elected by voters instead of the state legislature. This served to reduce their power and ensure they served the interests of the people not particular individuals who put them in office (Lawson 364). Women were allowed to enjoy their rights to vote. This was achieved through the Nineteenth Amendment of the constitution of the US in 1920. There was a widespread formation of labor unions. These were meant to protect the rights of workers. A restriction in immigration was also passed to control the influx of foreigners into the US at this period. In terms of local governance, many cities instituted municipal reference bureaus to look into the local government’s administrative structures and budgets. Major reformations of state government were done in many states for example Illinois. In terms of educational reforms, a new curriculum was developed at the Lincoln School. This curriculum was meant to eliminate obsolete material while integrating material that could be adapted to the changing needs of modern living. The new curriculum was build on ‘units of work’ which reorganize subject matter in the previous curriculum to a design that considered development of children and their future rol es as adults. Major figures that advanced progressivism Some of the major figures that advanced progressivism include Robert La Follette. He was sparked into action when Philetus Sawyer, a Republican leader wanted to bribe him as an attorney so as to fix a court case. He spends the rest of the decade traveling around the state while making a stand and speaking against corrupt railroad interests, powerful lumber barons and crooked politicians.

Friday, November 1, 2019

Compare and contrast 2 theoretical accounts of developmental dyslexia Essay

Compare and contrast 2 theoretical accounts of developmental dyslexia - Essay Example The distinguishing traits of the condition include reading and writing difficulties. It is surmised that it spawns from sensory dysfunctions, and these have been thoroughly backed up by empirical research. However, the definitive cause of the condition is yet to be determined (Coleman, 2002). The disorder has frequently been hypothesized to be the result of various sensory malfunctions. After years of research, it has been indicated that dyslexia also has visual and writing aspects, making it a learning disability that debilitates optimized performance (Francks et al, 2002). This essay aims to compare the two theories of dyslexia at the biological, cognitive and behavioral levels. However, before undertaking this comparison, it is important to lay down the different theories that explain this condition. These are the phonological, the magnocellular (auditory and visual) and the cerebellar theories (Ramus et al, 2002). I shall attempt to compare the phonological and cerebellar theories of dyslexia. Ramus et al (2002) undertook a multiple case study to evaluate the key theories explaining the origin of dyslexia. The sample of the study was composed of 16 university students for the control group. They were given various tests to gauge dyslexic traits. The outcomes suggest that majority of the respondents had a phonological deficit and that this was enough cause for them to have dyslexia. That is, in contrast with the cerebellar theory that has auditory and visual deficits as requisites to dyslexia, the study points out that the presence of a phonological deficit alone defines the condition. The presence of auditory deficits only worsens the condition, but are not necessarily required for having dyslexia. These deficits result in â€Å"literacy impairments.† Moreover, the study did not reinforce that motor deficiencies are rooted on the cerebellum (Ramus et al, 2002). At the biological and cognitive levels, the phonological deficit theory