Tale Of Two Cities Essays (1095 words) - English-language Films

Tale Of Two Cities In the fictitious novel Tale of Two Cities, the author, Charles Dickens lays out a brilliant plot. Charles Dickens was born in England on February 7, 1812 nears the south coast. His family moved to London when he was ten years old and quickly went into debt. To help support him, Charles went to work at a blacking warehouse when he was twelve. His father was soon imprisoned for debt and shortly thereafter the rest of the family split apart. Charles continued to work at the blacking warehouse even after his father inherited some money and got out of prison. When he was thirteen, Dickens went back to school for two years. He later learned shorthand and became a freelance court reporter. He started out as a journalist at the age of twenty and later wrote his first novel, The Pickwick Papers. He went on to write many other novels, including Tale of Two Cities in 1859. Tale of Two Cities takes place in France and England during the troubled times of the French Revolution. There are travels by the characters between the countries, but most of the action takes place in Paris, France. The wineshop in Paris is the hot spot for the French revolutionists, mostly because the wineshop owner, Ernest Defarge, and his wife, Madame Defarge, are key leaders and officials of the revolution. Action in the book is scattered out in many places; such as the Bastille, Tellson's Bank, the home of the Manettes, and largely, the streets of Paris. These places help to introduce many characters into the plot. One of the main characters, Madame Therese Defarge, is a major antagonist who seeks revenge, being a key revolutionist. She is very stubborn and unforgiving in her cunning scheme of revenge on the Evermonde family. Throughout the story, she knits shrouds for the intended victims of the revolution. Charles Darnay, one of whom Mrs. Defarge is seeking revenge, is constantly being put on the stand and wants no part of his own lineage. He is a languid protagonist and has a tendency to get arrested and must be bailed out several times during the story. Dr. Alexander Manette, a veteran prisoner of the Bastille and moderate protagonist, cannot escape the memory of being held and sometimes relapses to cobbling shoes. Dr. Manette is somewhat redundant as a character in the novel, but plays a very significant part in the plot. Dr. Manette's daughter, Lucie Manette, a positive protagonist, is loved by many and marries Charles Darnay. She is a quiet, emotional person and a subtle protagonist in the novel. One who never forgot his love for Lucie, the protagonist Sydney Carton changed predominately during the course of the novel. Sydney, a look-alike of Charles Darnay, was introduced as a frustrated, immature alcoholic, but in the end, made the ultimate sacrifice for a good friend. These and other characters help to weave an interesting and dramatic plot. Dr. Manette has just been released from the Bastille, and Lucie, eager to meet her father whom she thought was dead, goes with Mr. Jarvis Lorry to bring him back to England. Dr. Manette is in an insane state from his long prison stay and does nothing but cobble shoes, although he is finally persuaded to go to England. Several years later, Lucie, Dr. Manette, and Mr. Lorry are witnesses at the trial of Charles Darnay. Darnay, earning his living as a tutor, frequently travels between England and France and is accused of treason in his home country of France. He is saved from being prosecuted by Sydney Carton, who a witness confuses for Darnay, thus not making the case positive. Darnay ended up being acquitted for his presumed crime. Darnay and Carton both fall in love with Lucie and want to marry her. Carton, an alcoholic at the time, realizes that a relationship with Lucie is impossible, but he still tells her that he loves her and would do anything for her. Darnay and Lucie marry each other on the premises of the two promises between Dr. Manette and Darnay. Right after the marriage, while the newlyweds are on their honeymoon, Dr. Manette has relapsed and cobbles shoes for nine days straight. France's citizens arm themselves for a revolution and, led by the Defarges, start the revolution by raiding the Bastille. Shortly before the start of the revolution, the Marquis runs over a child in the streets of Paris. Gaspard, the child's father, who is also a part of the revolution, assassinates him

Social and ethical responsibilities of management in business environment

Social and ethical responsibilities of management in business environment Abstract Managers in the day-to-day running of affairs in business environment are normally faced with different challenges that vary in nature. It is of great importance that their action or decision be favorable to both the company and the society.Advertising We will write a custom term paper sample on Social and ethical responsibilities of management in business environment specifically for you for only $16.05 $11/page Learn More In this manner, the company improves its prospects in capturing new market segments, and the society will have confidence in the company. In essence, social and ethical practices may not be profitable or beneficial to the company in the short run, but will have lasting effects in the long run (Averch Johnson, 1990). Discussion Managers pursue multiple objectives and multiple sets of priorities. They need to make choices from these goals after careful considerations. Therefore, the choices they make affect the ability of employee s, customers, suppliers, stockholders and anyone else with interests in the organization. So often managers have to decide who has the right to what and when. No matter what they do, the actions are either of benefit or of detriment to people. Ethics as applied to management refers to the concept of interactive responsibility; it deals with what is good or bad, or what is right or wrong (Drucker, 1990). It can also be described as the study of how our decisions affect other people or as the study of people’s rights and duties and the rules that people apply in making decisions. In business, we cannot avoid ethical issues just like in other areas of our lives. In business, most ethical issues will be categorized in these four levels: Social level, which deals with the basic institutions in society, like the role of the government in the market place. Stakeholders’ level, which deals with employees, suppliers, customers in the way company’s decision affects them. Internal policy level, essentially deals with the nature of company’s relationship with its employees and managers. Personal level, that involves the ground rules of individuals, companies and social behavior.Advertising Looking for term paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The laws of the country prohibit any acts that are sufficiently hurtful to others and therefore laws offer guides to ethical behavior. Nevertheless, distinction must be made between what is illegal and what is unethical. Not everything that is unethical is illegal. For example, the law has limits regarding honesty. If one picks a lost item and keeps it, he probably has not done anything illegal but his act is unethical. If a clerk steals from his company in order to feed the poor, he has done an illegal thing but for ethical reasons. Decisions of ethics are quite difficult but all managers need to know is that ethic s goes beyond the minimum requirements by law and by market economy (Buckley Casson, 1976). There are very many unethical things that can be done in business and yet there is no law against them! Business ethics also called managerial ethics is the application of ethical principles to business relationships and activities. Managers who run business are human beings who despite the laws set cannot behave the same regardless of the circumstances. Managers face many ethical dilemmas (two or more situations) where both seem right but at the same time, conflicting. Talking to the manager one of the major pharmaceutical company about managerial ethics, he said that managerial ethics normally apply in the following areas: relationship of the firm to the employees in terms of how they are to be treated and how they are paid. Secondly is the relationship of the employee to the firm in terms of how employees should behave in the firm. Thirdly is the relationship of the firm to the environmen t, where ethical issues arise in how the firm relates to the various elements of the environment e.g. customers, competitors, stockholders dealers and the community. Many industries and organizations companies have formal, written codes of ethics that provide specific guideline for managers and other employees. However, the question is whether when individuals violate the code of conduct, the organization enforces it (Demsetz, 1979) Many companies in an attempt to manage ethics have developed specific codes of ethics. These establish guidelines for ethical decision making in business. Areas covered may be truthfulness in advertising, improper use of company assets political contributions, payments in connection with business transactions, conflict of interest, trade secrets etc.Advertising We will write a custom term paper sample on Social and ethical responsibilities of management in business environment specifically for you for only $16.05 $11/page Learn More There are advantages for organizations to form industry associations to develop and promote improved codes of ethics. It is difficult for a single firm to pioneer ethical practices if its competitors undercut them by taking advantage of unethical shortcuts. If ethics are to be improved, it is very important for top executives to support and emphasize ethical behavior by adhering to ethic themselves and train their staff in ethics. The tools of ethics include ethical language, which normally refers to values, rights, duties and rules. I questioned one of the workers of an investment company concerning this tool as a way of improving work relationship and he responded by saying that values are permanent desires that seem to be good. He also added that rights entitled a person to do something. On the other hand, since duty is an obligation that takes specific steps, in general, all the traits combined improve work relationships as well as productivity. Common morality as a tool is the body of rules covering ordinary ethical problems, which essentially are the rules that we live by most of the time. During this century, there has been much change in what society expects of its institutions and in what managers’ regard as the proper roles in organization. This change has gradually developed into a new concept of corporate social responsibility. Increasingly many managers are adopting the view that besides the obligations they have to their organizations, they have a personal responsibility to the society. Managers are increasingly being held accountable for the social effects of their actions. The questions however remain of where such social responsibility begins and where it ends (Trevino Nelson, 2007). The issue of corporate social responsibility has been debated for many years but it has never been clearly defined. However, from the various arguments raised, certain things can be said about social responsibility. One of them is that it deals with c orporate conduct in respect to the broader societal values. The other fact is that it questions the responsibilities of business to the entire society. Despite the lack of an accepted theory of corporate social responsibility, it is obvious that CSR draws on the fields of ethics and morals, which are basic to most cultures.Advertising Looking for term paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More In other words corporate social responsibility may refer to the moral and ethical content of managerial and corporate decisions, that is to mean the values used in business decision making over and above the requirement of the law and market economy (Stephen, Dirk, Daniel, 2007). Closely related to social responsibility is the concept of social responsiveness, which simply means the ability of a corporation to relate its operations and policies to the social environment in ways that are mutually beneficial to the economy and the society. The difference between social responsibility and social responsiveness is that the latter implies actions and the ‘how’ of enterprise responses. Business organizations do not operate in a vacuum but have to interact constantly with society. A business organization is a part of society. It interacts at a primary level with groups such as employees, distributors, consumers, stockholders, banks, suppliers and competitors. At a secondary l evel, it interacts with such institutions as governments, local communities, media social pressure groups, business support groups and the public. With all these interactions, business cannot afford to go on with their businesses without responding to issues affecting these groups. Some people argue that there is no such thing as corporate social responsibility (Adams, 1965). Others argue that CSR must and will eventually result in long run profits, while others feel that modern organizations must undertake social responsibility regardless of the profit. Whatever the argument are, the question of accountability arises! Two areas of corporate accountability exist: Conventionally which shows that management is professionally responsible to the board of directors while the directors run the corporation for the shareholders who are the providers of capital to their corporation. It is logical that the shareholders expect a fair financial return for their investment. Although through sepa ration of ownership and control shareholders do not run the company, thus by implication therefore management has the responsibility to ensure that the shareholders receive an adequate return. Broadly and more modern view, corporations should be accountable to employees, customers, suppliers and the state. In short, corporations should respond to forces external to it but should be those that are of value to it. It is from these external forces that the corporation draws its existence. How then can it operate without of them? CSR involves decisions – the corporation world is decision oriented and corporations have an impact on society through these decisions. CSR therefore raises the question of rightfulness of decisions and further of which decisions are more right. So social responsibility goes beyond short run profitability, merely meeting minimum legal and market directives do not constitute social responsibility. CSR is very subjective in nature and is influenced by the economic and social system within which it operates (Arrow, 1951). From an interview with a branch manager in one of the banks, he said benefits from social responsibility do not directly accrue to the firm making the expenditure on social responsibility. CSR is hence a system holding that the corporation should respond to the moral and ethical values of society within which it is licensed and which it serves. A given corporation will draw from and shape the values of the society from which it draws its existence. CSR tries to fuse social values with profit maximization goals. Many organizations have thus been evaluating the benefits and problems that are associated with corporate social responsibility, some business organization argue for and others against. Those supporting say that since businesses create some problem they should solve them as well as the fact that organizations owe society for supply of resources. Those arguing against say that social responsibility gives corpor ations too much power, and that it will decrease profits thus contradicting the real reason for firms’ existence. According to the research, there are different areas of social responsibility that an organization can exercise. Such undertakings include non-business related activities such as giving donations, being involved in preservation of the environment (ecology) and ensuring environmental quality. These included things like noise control and aesthetic improvement, consumerism like control of harmful products, community needs like improvement of health care and education, government relations like restriction on lobbying and internal relations, labor relations like expansion of employee rights, and stockholder relations like full financial disclosures. Companies often are in a position to do most of this things but the challenge to most corporations is the absence of immediate benefit. Study has also shown that there is a certain pattern of response to social demands, he nce organizations can respond to social demands in three strategic approaches. The first one is adoptive strategy; this involves changing only when you are forced to do so by the society. This is, complying with the law. The law gives business a general guideline of what is expected by a society. Legal compliance is the minimum that is expected by a society. Organizations that use this strategy adopt or react to the environment only when there is strong outside pressure. For example, producers of body perfumes have to be ozone friendly. The second one is pro-active strategy; this involves an attempt at shaping the environment. The company using this strategy tries to manipulate the environment in ways that will be to their advantage. The steps they take may or may not be to the interest of the society in the long run, e.g. paying off politicians to avoid scrutiny. The final one is interactive strategy, when a company is able to anticipate environmental changes and blend its own goal s with those of the society, then it is said to have taken an interactive strategy. This involves reducing the gap between public expectations and business performance. This calls for knowhow and skills on how to manage the company’s social relations with external forces, which may affect the company. The firm tries to interact with the surrounding social environment in ways that will be mutually beneficial. Conclusion In conclusion, an ethical principle is a modern concept that provides businesses and organizations with corporate priorities. They are of significant influence to the way the organizations operate and especially its survival in the near future. Customers are increasingly showing interest in doing business with those organizations that demonstrate responsibility and ethical practices. Those organizations that fail to achieve this suffer the consequences in many different ways, either by lose of market share, which will reduce revenues and in the long run, may pu t organization out of business. One of the senior managers of the bank I interviewed suggested that the modern business world needed to incorporate the four Ps in their ethical management and leadership. They include purpose, people, planet and principles. These represent the four things required for success in any modern business venture. In practice, this model represents the personality of a good ethical organization, manager or leader. Therefore, ethics and ethical decisions are of utmost importance in running of any organization, business ethics is what separates the successful giants and losers in the modern corporate world and the decision a company takes in ethical matters can be binding for or against the company. References Adams, J. (1965). Inequality in Social Exchange. Advances in Experimental Social Psychology, 2(1), 267. Arrow, K.J. (1951). Social Choice and Individual Values. New York, NY: John Wiley. Averch, H., Johnson, L.L. (1990). Behavior of the firm under regu latory constraint. American Economic Review, 52, 1052-1066. Buckley, P.J., Casson, M. (1976). The Future of Multinational Enterprise. London: Macmillan. Demsetz, H. (1979). Ethics and Efficiency in Property Rights Systems. Lexington: Lexington Books. Drucker, P.F. (1990). Ethics in Management. The Practice of Management, 124-125. Stephen, G., Dirk, D.S., Daniel, S. (2007). Managing social and ethical issues in organizations. New York, NY: IAP. Trevino, L., Nelson, K.W. (2007). Managing business ethics: Straight talk about how to do it right. New York, NY: Hoboken.

Determine whether the First World War started a slow change in Essay

Determine whether the First World War started a slow change in attitude toward the traditional American foreign policy of Isolationism - Essay Example The evidence of American expansionist ambitions, however, was seen in the following. Cuba remained under American occupation till 1902, when it received permanent naval bases and rights of intervention. Puerto Rico was annexed and its people were given American citizenship in 1917. Guam and the Philippines were also annexed. The Philippines were given partial self-government in 1907, and in 1916 a promise of independence if they achieved a stable democratic government (Ketelbey p 673). Thus the US developed her own individual power and interests in strategic locations across the world. But to the ferment in Europe, she maintained a distance, tinged with moral disapproval. This attitude was not inconsistent with the role of mediator, which she played (e.g in the Russo-Japanese War of 1905; the holding of the Algericas Conference in 1906 to ease tensions between France and Germany.) This was to a great extent due to the initiative of Theodore Roosevelt. When Woodrow Wilson took over the president-ship, he continued to keep the US neutral, refusing to intervene in the crisis of 1914. When war was declared, Wilson declared neutrality. In fact in 1916, Wilson came back for another term on the electoral plank of having kept America ‘out of the war’. However, it soon dawned on the American people that the massive redistribution of world power would affect the country. And America had to join the war. As a matter of fact, the sequence of events that led America to openly declare hostilities against Germany speaks of extreme patience on the part of Wilson. America had a large number of people of German origin and did not wish to enter the war. In 1915, an American ship was sunk, Americans traveling in British ships were drowned, and then the Lusitania was torpedoed. Wilson sent a strong note to Germany citing a violation of international law. In 1916, an English ship, which had on board seventy-five American passengers was torpedoed; in 1917 there was an announcement of unrestricted submarine warfare - that all ships, neutral or otherwise - would be sunk. Just some time before that an alliance between Germany and Mexico was also unearthed, in which the former promised the latter help in regaining Texas, Mexico and Arizona On April 6th, 1917, the US declared war on Germany "to make the world safe for democracy." (Ketelbey ps 428-429) After the end of the First War too, the US continued with its policy of Isolationism. There was a feeling that it had been unwittingly dragged into a situation, that was of no concern of its. The Great Depression was believed to have been caused by the War. Despite information of the atrocities of the Holocaust, America chose to remain neutral and focus on domestic affairs. With the conclusion of the First World War, President Wilson took the lead in the formation of the League of Nations, though this was rejected by the Senate. Following Wilson, American presidents went ahead with formulating international policy, whereby it was okay to have strategic relationships with other countries,

Introduction to Strategic Management Report Essay

Introduction to Strategic Management Report - Essay Example The companies include Lexus, Daihatsu, and Hino Motors among others. A recent study shows that Toyota has sold over more than 12 million cars. The company also manufactures forklifts, buses, industrial equipment, and buses. Toyota has a large market in North America. The United States of America is a host to five plants of the Toyota Company. The locations are in Buffalo, West Virginia; San Antonio, Texas; Huntsville, Alabama, Georgetown, Kentucky and Princeton, Indiana. Early imports from Japan like the Toyopet did not make large sales due to their small size. However, due to energy crisis in the 1970s, Americans and other countries imported Toyota cars because of their fuel efficiency and lower price compared to other cars in the automobile industry. The rise of fuel prices and side effects of global warming prompted the company to manufacture fuel efficient cars. The recent brands like Highlander, Camry and Prius are a proof of the firm’s objective to make fuel efficient ve hicles. The vehicles serve the current global market that requires cost efficient and effective cars. An international business is an enterprise or entity that is involved in commercial transactions in two or more than two countries. An international business cuts across boundaries in doing business. The business environments are the surrounding factors that influence the business performance (Fry et.al, 2009). The business environment can have a number of impacts on a business. Toyota Motor Corporation falls into this category. Before introducing a business venture in a foreign land, it is imperative to study the business environment to establish the feasibility of the particular business. The economic factors in a given country will influence the habits of the consumer. A good economy is one that has empowered consumers to purchase products they demand thus satisfy their needs. Recession and Inflation influence the purchasing power of

Calculating Our Impact on the Global Culture Essay

Calculating Our Impact on the Global Culture - Essay Example Using the same carbon footprint calculator, I changed the number of miles I drive annually to 10,000 miles and got a carbon emission reading of 4.88 metric tons of CO2 for car usage. This still gave me a total emission reading more than twice the national average. Aiming for a lower CO2 emission count, I next changed the type of car I drove to a 2006 Toyota Corolla with manual transmission and used the same mileage reading (10,000). For this type of car with this mileage, the calculator gave a reading of 2.85 metric tons. Reverting to my current mileage reading but with the Toyota, I was able to get a reading of 8.54 metric tons. The changes shows that the amount of C02 emission for my car usage actually depends on how many miles I drive or how often I use my car. Needless to say, I can decrease my CO2 emission by also decreasing my car usage. My total household CO2 emission reading of 27.00 metric tons is primarily composed of flights, car usage and secondary sources. After reviewing the Climate Crisis website, three easy measures I can adopt would be to a) start carpooling with my co-workers, b) take other means of transportation whenever I can to avoid driving and c) try meatless Mondays or other days. Three complex measures that can further reduce my CO2 emission from the same website can be a) insulating my home, b) switching to green power and c) protecting and conserving forest worldwide. After seeing the results of the Carbon Footprint Calculator, I am motivated to implement the measures I have enumerated above as soon as possible. Whenever I avoid driving, I can actually accomplish two good things. I spend less on fuel and generate less carbon dioxide. (Levinson, W. & Rerick, R., 2002) I not only help myself but I help nature as well. I am also willing to try using less meat when cooking for my family. â€Å"Another way to reduce the amount of energy needed

Dividend Payment Impact on Common Stock Prices

Dividend Payment Impact on Common Stock Prices Abstract The main goal of this paper is to investigate the impact of dividend payments on common stock prices using a panel of listed firms in Tunis Stock Exchange for a period from 2000 to 2008. Our empirical investigations reveal that Tunisian investors reward firms paying cash dividends. This result is very interesting because it begs the question on the intention of Tunisian managers to pay dividend when investors put a stock price premium on payers as the catering theory suggests. 1. Introduction In efficient and perfect market, Modigliani and Miller (1961) have demonstrated that there is no difference between the value of the firm paying dividends and that of nonpayer. Baker and Wurgler (2004a) argue that the investor demand for dividend-paying stocks depends on either psychological or institutional factors. They argue that managers tend to pay dividends when investors put higher prices on payers, and they omit dividends when payers are at a discount. Baker and Wurgler (2004a) suggest that this catering behavior explains the difference documented between the average market-to-book ratios of payers and non-payers and that managers rationally initiate dividends to exploit an apparent market mispricing. They find that when the rate of dividend initiation increases, the future stock returns of payers are lower than those of non-payers. This result supports the hypothesis that firms initiate dividends when the payers are overvalued. In this paper, we attempt to investigate whethe r cash dividend payments affect positively share prices. The remainder of the paper is organized as follows. Section 2 reviews the literature on dividend payout policy. Section 3 provides a description of the data used in the empirical analysis and presents regression results for the determinants of stock prices. Section 4 concludes. 2. Literature Review Baker and Wurgler (2004b) show that the disappearance of dividends can be explained by lower market valuations of payers during such periods. They find that the propensity to pay increases when a proxy for the stock market dividend premium is positive and decreases when it is negative. These empirical results suggest that the distribution of dividends responds to patterns of market timing. Companies pay dividends in order to raise the stock prices of their shares above their fundamental values. However, we wonder why the demand for shares paying dividends changes over time? Baker et al. (2007) argue that this time-varying can be attributed to changes in income tax rates of shareholders. Baker and Wurgler (2004a) note that the increase in the value of a company paying dividends reflects the risk assessment by investors. Indeed, dividend-paying firms are considered less risky than non-payers ones since this dividend premium disappears in periods of expansion and reappears in recession periods. Thus, investors who prefer cash dividend payments during gloomy period as an indicator of the firms safety and therefore are more willing to pay dearly to buy dividend-paying stocks. Ferris et al. (2006) conclude that the decline of the number of dividend-paying firms in UK can be explained by a shift in catering incentives. Li and Lie (2006) suggest that changes in corporate payout ratios of US firms depend on the market dividend premium. Ferris et al. (2008) find that investors place high value on dividend-paying firms. By contrast, Eije and Megginson (2008) investigate dividend policies in fifteen European countries over the period 1989-2003 and conclude that their findings do not support the catering hypothesis. Denis and Osobov (2008) find that reductions in the percent of dividend-paying stocks occur in countries where the dividend premium is largely positive. Tsuji (2010) finds that Japanese corporate managers do not cater to investors in either their dividend initiation decisions or their continuation decisions. 3. DATA and Methodology To form our main Tunisian sample, we start with all listed firms appearing at any point between 2000 and 2008. We restrict the sample to exclude financial firms  [1]  . The final sample covers 24 publicly traded Tunisian firms. Data were collected from Tunis Stock Exchange and completed from firms web sites. 3.1 Definition and measurement of variables The evolution of stock prices can be explained by variables specific to the firm such as cash dividend and profitability, by macroeconomic variables such as interest rates and inflation, and a variable which reflects the stock market performance. 3.1.1 Dividends According to the model of Gordon and Shapiro (1956), the current stock price equals the present value of its future dividends. Gordon and Shapiro assume that the dividend is a constant fraction of the profits carried out by the company. The expected receipt of dividend income is an incentive for investing in a given stock, particularly if the yield on the investment exceeds the return offered on other alternative investments like savings accounts. Investors may pay a premium for shares in issue. Tsoukalas and Sil (1999) find a strong correlation between the stock prices and dividends paid by U.K firms. 3.1.2 Profitability An improvement in profitability leads to an increase in stock price because investors become more optimistic about future performance of the firm. Demand increases for the shares that have a high prospect for growth (blue chip shares). Prices of such shares rise much faster than those of companies whose growth prospects are bleak. Vuolteenaho (2002) finds that firm-level stock returns are mainly driven by cash-flow news. By contrast, Kothari et al. (2006) show that stock prices are unrelated to past earnings and depend negatively on concurrent earnings. In this paper, Profitability is defined as earnings before interests and tax reported to total assets. 3.1.3 Inflation The impact of inflation on the stock price is not obvious. If households expect higher prices, they can increase their consumption and therefore reduce their savings. This behavior will lower stock prices. By contrast, if households choose to keep the value of their heritage, they will be more likely to invest in shares in order to hedge against a rise in the general level of prices of goods and services. Indeed, inflation erodes the purchasing power of money and other financial assets that have fixed values. Therefore, if households have a hedging purpose, inflation will have positive effects on share prices. Alagidede and Panagiotidid (2010) provide evidence of a positive long-run relationship between stock prices and inflation in five African countries (Tunisia, Egypt, South Africa, Kenya, and Nigeria) and they conclude that common stocks in these countries represent a hedge against rising consumer price. Geyser and Lowies (2001) examine the relationship between share prices and inflation within a sample of firms listed in Namibian and Johannesburg Stock Exchanges. Their findings reveal a strong positive correlation between inflation and stock prices of Namibian firms. In South Africa, companies belonging to the mining sector cannot be served as an inflation hedge since stock prices of these firms are negatively correlated with the evolution of the Consumer Price Index, whereas stock prices of firms in other sectors (financial services, information technology and food and beverage) are slightly positively correlated with inflation. Bodie (1976) finds that in the U.S during the period from 1953 to 1971 common stocks failed to serve as hedges against either anticipated or unanticipated inflation. The inflation rate is defined as the percentage rate of change in consumer price index. 3.1.4 Interest rate The impact of changes in interest rates on stock prices is mixed. If rates rise, bonds become less expensive which encourages shareholders to arbitrate for bonds by selling shares that they hold and therefore stock prices fall. By contrast, a significant decrease of interest rate makes shares more profitable and persuades investors to buy back equity and pushing up prices. Cifter and Ozun (2008) find that stock prices in Turkey are negatively affected by the interest rate changes. represents the money market annual average rate for Tunisia. 3.1.5 Stock market performance A bull market is characterized by higher valorizations and a bear market is characterized by lower stock prices. In this paper, we used annual return rate of the index TUNINDEX to measure the performance of Tunisian stock market. 3.2 Descriptive statistics  ¶ Table 1 reports descriptive statistics for the dependant and explanatory variables. We note the higher level of the money market annual average rate that can be explained by the important rising consumer price Tunisia. The mean of the natural logarithm of dividend is negative suggesting that Tunisian firms pay annually on average less than 1 TND as cash dividend. Insert table-1 here Table 2 reports the correlations matrix for explanatory variables. The coefficients of correlation of explanatory variables are generally low. Using a test of Farrar-Glauber (1967), we can accept the hypothesis of the absence of multicollinearity among our independent variables. Insert table-2 here 3.3 Estimation methods The study was conducted on panel data. Using panel data can enhance the quality and quantity of data. It allows us to identify some effects that cannot be detected using time-series analysis. Panel data regression provides three estimators; pooled OLS, fixed effects, and random effects models. A pooled estimator takes as the same across all cross-section units. The fixed effects model assumes as a group specific term. The random effects approach takes as a group specific disturbance. Testing the significance of the group effects To choose between these three approaches we compute a test of homogeneity. The hypothesis of homogeneity of constants across all cross-section units can be formulated as follows: This test of Fisher is computed as follows: Where: : Residues square sum of the individual effects model : Residues square sum of the model Pooled. : Number of firms : Number of explanatory variables (constant not included) If calculated F is lower than tabulated F (p-value Hausmans test for fixed versus random effects If the effect is assumed to be individual, the Hausman specification test is carried out in order to decide whether the fixed or the random effects model should be used. The Hausman test compares the fixed and random effects estimates of coefficients. The tested hypothesis concerns the correlation of the individual effects and the explanatory variables. Under the null hypothesis, the individual effects are random and we then have to choose the estimator of GLS. Under the alternative hypothesis, the individual effects are correlated to the explanatory variables and we then have to choose the model to fixed effects. The test of Hausman compares the matrix of variance-covariance of two estimators: The statistic H is asymptotically distributed as with K degree of freedom, where K is the number of explanatory variables. If calculated H is lower than tabulated (p-value 3.4 Findings Table 3 reports regression results. We provide Pooled OLS, fixed effects and random effects results. The Hausmans test confirms that the estimator fixed effects is the proper one. Insert table-3 here Cash dividends have a significantly positive impact on stock prices of Tunisian firms. This result indicates that Tunisian investors reward cash dividend-paying firms by adding a positive premium to their shares prices. The profitability has a positive impact on stock prices. Highly profitable firms have higher stock prices. If the firm releases new positive results, investors will be more optimistic about its prospects and expected future cash flows and therefore they will be willing to pay dearly to buy its securities. The variable MARKET that measures the performance of Tunis stock exchange presents the expected sign. This result indicates that stock prices follow the overall trend of the market. Inflation affects negatively and significantly stock prices suggesting that common stocks of Tunisian firms cannot provide a hedge against inflation. The plausible explication for this result is that an increase of the consumer price index reduces the marginal propensity to save. Our result confirms findings in Geske and Roll (1983). 4. Conclusion This paper investigates the impact of cash dividend payments on stock prices of listed non-financial Tunisian firms. Our empirical results reveal that Tunisian investors reward cash dividend-paying stocks. This finding begs the question on the existence of a catering behavior as suggested by Baker and Wurgler (2004a). Future academic studies with larger datasets should investigate whether Tunisian firms behave according to the prediction of the catering theory by comparing the value of payers and non-payers firms.

Atkins and Low Carbohydrate Diets: Not the Optimal Method of Weight Loss :: Health Nutrition Diet Exercise Essays

Atkins and Low Carbohydrate Diets: Not the Optimal Method of Weight Loss In the help of today’s society where looks seem to matter more than personality, different types of diets quickly became popular. In the year 2003 to 2004 the Atkins Diet reached its peak, from its wide advertising to its celebrity connections an increasing amount of Americans focus their interest on this unusual way of losing weight. The Atkins Diet was introduced by Dr. Robert Atkins in 1972. Its purpose is to make a person loose weight by eating foods that are high in protein and lessening foods that are high in carbohydrates. When a person eats foods that are high in carbohydrates, it produces a high amount of insulin which causes the body to quickly change food into body fat. On the other hand, when the body generates low carbohydrates it produces low insulin and this causes the body to search other areas for fuel, which is fat. And when the body does not have energy source that comes from carbohydrates it will turn to another resource which is fat to burn energy. So in other words, the Atkins Diet is stating that you can eat as much food that contains fats and proteins which are mainly steak, eggs and all the other foods that are taught to be unhealthy. Therefore, one question seems to be always asked when talking about the Atkins Diet. Does it work? Low carbohydrate diets have been very controversial because it does not follow the food pyramid and many Americans are puzzled by this idea. But countless people are trying it because of the idea that you can eat large amounts of good tasting foods and still be able to loose weight. There are also other advantages such as sleeping better, no headaches as well as no joint and muscular pains. Weight loss in the Atkins Diet is also rapid compared to the conventional way of loosing weight where carbohydrates are stated to stimulate a person’s appetite that triggers to more eating which can cause breaking the rules and longer time to see results. Many believe that the Atkins Diet is too good to be true and wants to be informed of the bad side of this well known diet. With its focus on fatty foods and meats, medical experts find the Atkins to be unsafe because it limits a person from eating nutrient rich foods.

What Is an American

Brian Menezes 02/27/2013 ENG 98 Critical Summary Critical Summary of â€Å"What is an American? This historical perspective relates an important theme of the way that Americans are defined in â€Å"What is an America† by Jean De Crevecoeur. By using European cultural integration within the theme of being â€Å"American†, Crevecoeur essentially reveals how opportunity has made America a nation of many cultures and ethnicities. In being a new nation that could welcome the destitute of Europe to begin new lives, early America becomes the `dream' of wealth and prosperity for those that have the ourage and industriousness to be pioneers. This historical perspective is worth reading due to the information gathering techniques used by Crevecoeur in relation to the American Dream. † Upon reading Crevecoeur's â€Å" What is an American†, one will notice that the Frenchman's opinion of the United States is quite high, to say the least. In explaining his love for Ame rica, and what he feels it means to be â€Å"an American†, Crevecoeur draws comparisons between Europeans and Americans. One of the first points he brings up is the diversity of your typical American. They are a mixture of English, Scotch, Irish, French, Dutch, Germans, and Swedes. † (page 301). Crevecoeur believes that this melting pot, and the â€Å"strange mixture of blood† among colonists, is partially responsible for what makes America such a progressive and diverse nation. In addition, Crevecoeur praises those that live in the middle settlements for their â€Å"indulgences in government† (page 304), knowledge of religion, and desire to be citizens involved with the government. Europe, on the other hand, is lacking in these types. â€Å"What do I say? Europe has no such class of men; the early nowledge they acquire, the early bargains they make, give them a great degree of sagacity. † (Page 304). Crevecouer also believes that America offers to even the misfortunate a chance to attain wealth and happiness. â€Å"Can a wretch who wanders about, who works and starves, whose live is a continual scene of sore affliction or pinching penury, can that man call England or any other kingdom his country? â€Å", â€Å"a country that had no bread for him†¦ â€Å", â€Å"who met with nothing but frowns from the rich†¦ â€Å", â€Å"No! urged by a variety of motives, here they came. † (page 302).Opportunities are, according to Crevecouer, more abundant in America. This is why so many chose to emigrate here in the first place. In summary, â€Å"What is an American? † has presented characteristics of an American as enjoying freedoms and dignities absent in other continents, a descendant of a mixed European race, and an industrious and knowledgeable people in sciences and arts. Though a descendant of western pilgrims, Americans are unified people in a continent that allows them equitable rights and freedoms t hrough modern laws, political and economic systems, and social structures.

Sports-Related Science Fair Project Ideas

Sports-Related Science Fair Project Ideas Stay away from the typical, overdone science fair cliches, instead create something that combines sports and science for your science fair project.   Some Ideas to GetYou Started How does the material from which a baseball bat is made affect performance? How does a wood bat compare with an aluminum bat?Does altitude affect the height of a ball bounce (for example, a golf ball)? If an effect is seen, can you attribute it to the effect of gravity or atmospheric pressure?Examine the effect of energy bars on performance. Pick a sport. Is there a difference in performance if you use a protein-boosting energy bar versus a carbohydrate-boosting energy bar?What is the effect of using a corked baseball bat compared with a normal one?Does drinking an energy drink (or sports drink) affect reaction time? memory?Are there really streaks in baseball? Or is it simply chance?Compare energy drinks based on cost, taste, short-term effect, and long-term effect.Which sports drink contains the most electrolytes?How is ball diameter related to the time it takes the ball to fall?Does the length of a golf club affect the distance you can hit the ball?Does a swim cap really reduce a swimmers drag and increase speed? How does exercise affect heart rate? This project is especially good if can track data over a longer time frame.Does exercise affect reaction time?Does regular exercise affect memory?At what slope angle is the mechanical advantage of a bicycle lost, as compared with running?Compare different brands of balls for a sport (like baseball or golf) for cost versus performance.Do helmets really protect against a crash (presumably tested with a stimulant like a watermelon)?What is the best air pressure for a soccer ball?How does temperature affect the accuracy of a paintball shot?Does altitude, temperature, or humidity have an effect on the number of home runs seen at a baseball diamond?Does the presence or absence of a net affect free throw accuracy?Measure the effect on peripheral vision from wearing different types of corrective eyewear (such as glasses). Does an athlete experience a noticeable improvement when peripheral vision is increased?Is there an effect if you fill an inflatable ba ll with a different gas than air (such as nitrogen or helium)? You can measure height of bounce, weight, effect on passing, and how long it stays inflated. Tips for Choosing a Sports Science Fair Project If you are an athlete or trainer, pick the sport you know best. Can you identify any problems to be examined? A good science fair project answers a question or solves a problem.When you have an idea, consider how to design an experiment around it. You need data. Numerical data (numbers and measurements) are better than qualitative data (greater/lesser, better/worse), so design an experiment that gives you data you can graph and analyze. Do you need more science fair project ideas? Heres  a big collection  to browse.

Argentina (Pollution) Essay Example

Argentina (Pollution) Essay Example Argentina (Pollution) Paper Argentina (Pollution) Paper Argentina: Like other countries Argentina suffers from environmental degradation. The main threats to its biodiversity and landscapes are deforestation and pollution. In Argentina, there are many environmental issues that include air pollution, inaccessibility, dissatisfaction with garbage disposal, dirtiness, water pollution etc. One of the biggest factors of pollution in Argentina would be air pollution, which to a certain extend is caused by the society. Despite knowing that transport vehicles such as private vehicles, taxis, and buses can cause urban IR pollution, we still need it by which the society is somewhat responsible. In Argentina aging diesel buses may be the primary culprits in deteriorating urban air quality. Another factor is factories with their subsidized smokestacks. Air pollution in Buenos Aries comes from residential, commercial and small industrial combustions and emissions from the domestic airport. The next issue is Deforestation in Argentina, which is due to agricultural expansion of soybean. Corrode has the highest level of deforestation in Argentina. All that remains is five percent of the 12 million hectares of native ores that the province had at the start of the 20th century. And fires that broke out in August and September devoured 40,000 more hectares of forests and grasslands in the hills. The Cardboard Environment Agency which is the government body in charge of environmental matters in the province, drew up a controversial bill that was voted into law this month. The new law bans clear-cutting over the next 10 years, but allows sustainable logging in native forests. One of the biggest pollution problems in Argentina is Polluted Rivers. The heavy polluted Montana-Reaching river basin. This river meanders for 40 miles through Buenos Aries. The people there can be partly blamed for the cause of this pollution, as the polluted rivers have been polluted for years by industrial waste, sewage, and everyday garbage. This has had a negative impact on the seven million people who are living near or along the river. As they get dirty water, dirty air and many more health problems. Polluted rivers have always been a problem in Argentina, and for nearly 200 years, the government is struggling to find a resolution to keep rivers clean. According o a report from the executive committee for the environmental management plan, that an average of 82,000 cubic meters of industrial waste enters the river daily. Zinc, lead, copper, magnesium and many more have a constant presence in the water. Its known that the area called Villa Inflammable, 50% of the children have lead in their blood, and some had chrome, and benzene in their urine. Benzene can impact the immune system, which can cause cancer. This shows how the polluted rivers have effected the environment in a negative way, that its becoming dangerous for people. How is Argentina helping? Due to the pollution in the rivers, residents have complained. In response to the lawsuit by residents affected by the pollution, the Argentine high court summoned 44 companies to report on the waste they dump into the Reachable River. The government has present a management plan called for a public hearing for all parties. Also the national supreme court said that companies must report in 30 days about the liquid waste they dump in the water, its treatment and if they insurance required by the environmental law o that they can respond if harm is caused. Soy is a key crop and major source Of income for Argentina, but to ensure its not at the expense of vulnerable natural areas such as the Atlantic Forest excretion, WFM is working along with businesses, government agencies, and Nags to develop alternatives. International standards to regulate air pollutants and make fuels cleaner are already practice in Argentina, but also around the world. Cleaner modes of transportation and energy generation using sustainable, renewable resources are growing in the region already.

Accounting Basics for Managers Essay Example | Topics and Well Written Essays - 1250 words

Accounting Basics for Managers - Essay Example In the financial year 2012, Home Depot shows impressive growth both financially and operationally. In the financial year 2011, Home Depot revenue increased by 3.53% to a striking $ 70,395 million which has resulted in the operating profit increased by 14.08%. Following its operational growth strategy, Home Depot has introduced diversity in its business. The company is showing interest in covering all the horizons of the globe by opening more and more stores in various areas of the globe as it planning to serve a diverse range of customers. Gross profit margin is one of the key profitability ratio indicators which indicate how well a company is in the process of utilizing its working capital in earning the desired level of profit. In order to calculate the gross profit margin ratio, the gross profit (i.e., sales less the cost of sales) is divided by the revenue of the company. As apparent, the gross profit of the company has increased slightly from the previous financial year which co uld be due to the fact that the cost of sales of the company increased with a bigger percentage as compared to the percentage of the revenue of the company. This could be due to increased raw materials prices from the supplier which the company could not recover from the customers through increased selling price. The next profitability indicator is the net profit margin. The net profit margin is calculated by dividing the net profit (i.e., gross profit less administrative and selling expenditure) with the total revenue.

Policy Development Paper Research Example | Topics and Well Written Essays - 2000 words

Policy Development - Research Paper Example This should require sufficient level and amount of control. This eventually paves the way for another substantial policy under the existing PREA. In this paper, the proponent considers two policy options: intense work knowledge with experts and enhancement policy; and standardization of operating procedure policy. Under the policy ensuring intense work knowledge enhancement with experts, the correctional staffs are expected to become more experts in doing their respective role in the custodial setting with LGBT youth. Instead of becoming a potential source of verbal and physical harassments, they would become primarily source of eventual change in the juvenile system primarily in dealing with LGBT youth, their safety and sexual orientations. However, this would basically incur remarkable amount of cost on the side of the government or state. This would also lessen maximum actual work activity at the custodial setting as the correctional staffs must undertake field exposure together w ith experts. Thus, additional manpower must be provided to compensate their absence in the actual custodial setting activity. ... ed to consider the level of up to what extent some changes can be reasonably made, knowing the fact there are various circumstances and situations that need careful considerations from various states. Among these two policies, the best rationale used in order to choose which is appropriate is the consideration of less political domination upon its actual implementation. It seems policy next to the status quo seems to less complicate the future political associations within the juvenile justice system, for it primarily deals with actual performance and output. Ensuring actual performance and output may less complicate political control or domination within the justice system as the actual service involved could be directly be imposed to providing the best safety and equality LGBT youths deserve within the juvenile justice system. 1. Introduction According to the ‘The National Transgender Discrimination Survey’ around 15 percent of Trans people experienced sexual assaults while in prison.1 This is quite alarming because to be sexually assaulted is not supposed to be part of the sentence and according to the authority it should not be part of the sentence. The emancipated Prison Rape Elimination Act (PREA) has been viewed to help the lesbian, gay, bisexual and transgender (LGBT) especially those youth in custodial settings to be protected from sexual assaults while incarcenerated. After all, even though they might have different sexual orientation compared to normal heterosexual individuals, they are still humans who have the basic right generally covered by the state. Part of this is their right to protect themselves from being sexually exploited and to only deserve the sentence associated with whatever crimes they would be found guilty. The PREA seems to be at the